[quote=flu][quote=FormerSanDiegan][quote=flu][quote=mike92104]I could support losing the tax credits for second homes. It amazes that that no one ever thinks about spending less money.[/quote]
What tax credits on second homes? I thought the mortgage interest rate deductions only apply the the first. At least, when it comes to AMT calculations.
Maybe I’m wrong. Enlighten me please.[/quote]
The regular tax code allows deduction of mortgage interest on both a primary residence and a second (e.g. vacation) home used for personal use (as opposed to rental property).
Not sure how a mortgage on a second home is treated for AMT. But, I suppose the majority of second home owners are subject to AMT.[/quote]
So I’m enlightened. Actually, I think AMT allows for deduction on the second too. My bad.[/quote]
You are right that AMT allows for deduction on the second home (but there are limits on second mortgages); unless the second “home” is a boat or trailer (which actually count as second homes under regular tax code and certain limitations, e.g. the boat has to have some sort of kitchen).
