Bill wrote:
- quote -

rule. You are limited to mortgage interest on a main home and one
other home. Grandfathered debt is relevant to the amount of
interest that is deductible.

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Marion1E[at]comcast.net posted:

- quote -

The moderator's comment contains all the wisdom normally available.

There is one faint possibility that the third home's mortgage payment
might be deductible. _IF_ one of the two homes in Texas had a mortgage
which was taken out on or before October 13, 1987, it could be
considered grandfathered debt, and might also be deductible on that
basis.

(See Pub 17, Interest Expense, Home Mortgage Interest, and Amount
Deductible, which lists 3 categories including the "grandfathered debt"
cited above.)

Bill

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

My friend has a house in Albuquerque, NM in which he and his wife
lives. He also has two houses in Texas which are occupied by the
children. They don't pay any rent just the utilities. There are
Mortgages on all three houses which my friend pays. How many of the
mortgages can he deduct on his tax return?

Thank you for your wisdom,
Marion

========================================= MODERATOR'S COMMENT:
He can deduct, within limits, the mortgage interest he paid on the
main home and one second home. And can deduct the real estate taxes he
paid on all his properties.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >