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Old 02-13-2019, 11:00 AM   #21
HitFactor
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Join Date: Jan 2019
Location: Saint Joseph, MI
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The $12,000 deduction is far more than we used to claim, even with a small business running out of the house.

We paid less in taxes and it was easier to file.

Take a look at your bottom line, you might be paying less taxes this year compared to previous years. We certainly are.
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Old 02-13-2019, 12:04 PM   #22
hankpage
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Location: Venice
Posts: 5,346
Quote:
Originally Posted by flrtrader View Post
I think this year they removed RV/2nd home deductions. Also took away my milage deduction for work travel. Not a happy camper... pun intended...
According to HR Block software second home interest is still deductible.

QUOTE:

What's considered to be my second home?
A second home is a home (house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities) that you choose to treat as your second home.

In order for a home to qualify as a second home, you must either:

Not rent the home at all during the year, or
If you do rent the home, you must use the home for personal purposes for more than the greater of 14 days or 10% of the number of days the home is rented at fair market value
In general, time spent by a family member or a friend counts as time you use the home, unless it's the principal residence of that person, and you receive a fair rental from that person.

Ordinarily, you may treat only one home as your second home during any tax year. However, there are some limited exceptions to this rule. See IRS Publication 936: Home Mortgage Interest Deduction for further information.
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