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Speaking of renters, tax question I thought of and was curious about.

Posted by ty97 Jul 9 '20, 12:49

If someone rents their primary residence but owns a secondary residence, are they eligible for any of the following for that owned residence (assume it is the only residence they OWN but it is not their primary residence)
- mortgage interest deduction
- real estate tax deduction
- $250K exemption on sales proceeds (feel pretty confident this one is no)

Responses:

where does the person live? -- nm - decline Jul 9, 12:52 7
- For example purposes, say I live in NYC in a rental apartment, but I own a place someplace else. - ty97 Jul 9, 12:55 2
  - Here's the IRS topic on your "main" home vs other - Max Jul 9, 12:58
  - gotcha - i is dumb -- nm - decline Jul 9, 12:56
- They rent a house and own a lake house is how I took it. -- nm - spamlet Jul 9, 12:53 3
  - then wouldn't the lake house be their primary residence? -- (edited) - decline Jul 9, 12:54 2
    - Nope. Your primary residence is a test so unless they spend most of their time at the lake it wouldn't be primary. -- nm - spamlet Jul 9, 12:55 1
      - Oh! nevermind. I misread his initial question -- nm - decline Jul 9, 12:56
I'm 95% sure that the answers are Yes, yes, no. The exemption comes into play only if it is your primary residence. - spamlet Jul 9, 12:52

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Speaking of renters, tax question I thought of and was curious about.

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