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Is this a first home or second home for mortgage point deduction purposes?

joshuabarksatlcs
Level 10

TP lives in the State of Washington.  Rents an apartment.

Bought a home in CA, which is his vacation home when he visits his parents.  The CA property is the only home he owns.  He rents an apartment in WA, but I just said that. 

Paid points.

Points for a second home can only be amortized.

Base on these facts, is the home in CA treated as his first home or second home?

I know he wouldn't qualify for the Section 121 exemption when he sells the CA residence.  I'm just asking about the deduction of the points.

 

 


I come here for kudos and IRonMaN's jokes.
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sjrcpa
Level 15

Second home.

His first home is his rented apt.


Ex-AllStar

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9 Comments 9
sjrcpa
Level 15

Second home.

His first home is his rented apt.


Ex-AllStar
joshuabarksatlcs
Level 10

Thank you! 

Always a pleasure hearing from you.

(The weather has been all over me.... .

my way of saying I have been under the weather.)


I come here for kudos and IRonMaN's jokes.
IRonMaN
Level 15

Maybe you should book a trip on one of those billionaire space flights so that you can get above the weather instead of being under it.


Slava Ukraini!
joshuabarksatlcs
Level 10

Great minds think alike.  That's why I'm working my fanny off to come up with the funds.  I'm just $999,765 short.  Perhaps I'll just bill my next client by that amount. 


I come here for kudos and IRonMaN's jokes.
IRonMaN
Level 15

I'm having a decent year so I have a little extra cash to help you out.  Where would you like my check for $1.23 mailed to?


Slava Ukraini!
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joshuabarksatlcs
Level 10

I'm actually 999,875.51 off.  Send $1.51 to @sjrcpa .  I was going  to buy her lunch.  $1.51 should do it.


I come here for kudos and IRonMaN's jokes.
IRonMaN
Level 15

That's a little more than what I had budgeted.  Let me take another look at my numbers and see if I can cover that.


Slava Ukraini!
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BobKamman
Level 15

Should we be using the phrase "under the weather" when there might be readers in Tampa who see it?

I hear they are going to fly in Venezuelan refugees to help rebuild the place.  

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joshuabarksatlcs
Level 10

It's not necessary, Bob, and thanks for the sensitive thought.  It's fine to say "under the weather", as the other description has been upgraded to "under the climate change", though I've been advocating for "under the galactic warming".

But then, if you disagree, my "the weather is all over me" would have a special ring to it.


I come here for kudos and IRonMaN's jokes.