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Updated almost 8 years ago on . Most recent reply

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1,451
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Sam Leon
  • Investor
  • Fort Lauderdale, FL
462
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1,451
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Property tax deduction for a third personal home?

Sam Leon
  • Investor
  • Fort Lauderdale, FL
Posted

I am trying to find out if it is OK to deduct the property taxes you paid for a third home.

I know the mortgage interests you can only deduct a primary residence and a second home, not a third.  But what about property taxes?

Currently I have a primary residence (no mortgage) and a second home (with mortgage).  This third home was a rental property (no mortgage) but I took it off for 2017 due to major renovations.  Because it is no longer a "rental" for 2017, I wouldn't be able to deduct any maintenance, utilities, insurance etc...about all I can do is to add in the renovation cost to depreciate for 2018 when its ready to put into service.

Since it is no longer a rental in 2017, then it must be a "personal use home", which makes it my "third" home, right?

In this case, would I be able to deduct the property taxes next year for homes 1, 2 and 3?

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