What is the name of your state (only U.S. law)? California
Hoping someone can help. My wife and I live in the L.A. area. We live in a condo that is in my name alone and we file our tax returns as married filing jointly. We will be buying a second condo in San Diego since she will need to be there for work related stuff for at least two years. She will spend full time in San Diego. I will live in L.A. four or five days per week and spend two or three days per week with her in S.D.
The question is: Will we be able to claim the mortgage interest deduction on both properties? If so, what will we need to do in order to accomplish this? I'm thinking we may need to jump through a few hoops, such as prove that both places are primary residences, put the S.D. property in her name alone, or file returns as married filing separately.
Any help would be appreciated.What is the name of your state (only U.S. law)?
Hoping someone can help. My wife and I live in the L.A. area. We live in a condo that is in my name alone and we file our tax returns as married filing jointly. We will be buying a second condo in San Diego since she will need to be there for work related stuff for at least two years. She will spend full time in San Diego. I will live in L.A. four or five days per week and spend two or three days per week with her in S.D.
The question is: Will we be able to claim the mortgage interest deduction on both properties? If so, what will we need to do in order to accomplish this? I'm thinking we may need to jump through a few hoops, such as prove that both places are primary residences, put the S.D. property in her name alone, or file returns as married filing separately.
Any help would be appreciated.What is the name of your state (only U.S. law)?