browndesi wrote:

- quote -

Owning real estate in NC won't make you a resident or
domiciliary there unless you actually live there. You'll
still be a NJ resident.

Katie in San Diego

The foregoing is intended for educational purposes only and
does not constitute legal or professional advice.

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thanks everyone for their great insights. I had an
additional question, in this case since i don't really own a
primary residence more like a rental sharing with roomates,
would the property in south be considered as the primary
residence? do i need to maintain like a driver's licence and
car plates from that state? with regards to tax filing to
claim state domicile, would it be NJ or NC(considering the
property i purchase is in NC) ?

thanks once again for the great answers.

best regards
mumbai

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"browndesi" <desi_si[at]hotmail.com> wrote:

- quote -

You were aware, weren't you, that you are allowed to deduct
the mortgage interest on two residences??

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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"browndesi" <desi_si[at]hotmail.com> wrote:

- quote -

You are allowed to deduct the mortgage interest on your
principal residence and one other residence. If you only
have the "other residence" (you're renting in NJ), you can
still deduct the interest on it.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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browndesi wrote:

- quote -

You could reside in NC and work in NYC, but the commutation
cost would be slightly more than the cost from NJ to NYC.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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"browndesi" <desi_si[at]hotmail.com> wrote

- quote -

You're not talking about a primary residence, which is where
you live. However, you can deduct mortgage interest on up to
two residences, so there's really no difference for Schedule
A purposes, except that you have to amortize points on the
purchase of a residence that isn't your primary residence.
See IRS Publication 936.

--
Phil Marti
Clarksburg, MD

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browndesi wrote:

- quote -

You are allowed the mortgage interest deduction on your
primary residence and on one other residence. I see no
problem with this southern property being a non-primary
residence.

It DOES have to be a house (or at least have a livable
structure built on the property within 2 years), and, if
you rent it or attempt to rent it, you must claim the
interest on Schedule E, instead of Schedule A.

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I had a question with regards to claiming primary residence
tax benefit for the mortgage payments. I am presently in NJ
state and working at a NYC location. I would like to
purchase a property in south mainly around North Carolina.

I want to understand how i can go about his process, the
reason being simple i just can't afford decent housing in NJ
for the present salary. I would like to bank my money on a
property in another state and then move to that state at an
appropriate time.

Please advice if this is possible to get the mortgage interest benefit.

thanks
mumbai

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