Home     Law Advice     Insurance Advice     Community    
Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
Go Back   FreeAdvice Legal Forum > TAX LAW > Tax Law
Reload this Page Vacation Resort

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 02-05-2008, 03:09 PM
Junior Member
  
Join Date: Feb 2008
Posts: 2

Vacation Resort

What is the name of your state? NY

I have a Vacation resort that I bought 5 years ago in Vegas and paying intrest on the loan. Can I deduct the intrest on my taxes. If yes can I claim that for the last 5 years or only for the previous year.

Thanks

Ed
  #2  
Old 02-05-2008, 03:48 PM
Senior Member
  
Join Date: Mar 2006
Posts: 6,673
You can go back three years to amend your returns. Interest on a second home is deductible.
__________________
When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne)
  #3  
Old 02-05-2008, 09:14 PM
Junior Member
  
Join Date: Feb 2008
Posts: 2
Thanks for the info its a time share that we bought not sure if that is still applicable. If it is applicable then why haven't i received any 1098. Am I not to receive 1098 by law.

Thanks

Ed
  #4  
Old 02-05-2008, 10:58 PM
Senior Member
  
Join Date: Mar 2006
Posts: 6,673
Is it interest on a "loan" for a vacation residence or is it fees for the use?
__________________
When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne)
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 08:12 AM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.