Business Q&A

Question:
If I have two houses in same city, one for me and one for my mon, can I claim the interest as tax deduction?

Answer:
Yes

Deductible Home mortgage interest is interest you pay on a loan secured by your main home or a second home. The loan may be a mortgage to buy your home, a second mortgage, a home equity loan, or a line of credit.

Your main home is where you live most of the time. It can be a house, cooperative apartment, condominium, mobile home, house trailer, or houseboat that has sleeping, cooking and toilet facilities.

A second home can include any other residence you own, and treat as a second home. You do not have to use the home during the year. However, if you rent it to others, you must also use it as a home during the year for more than the greater of 14 days or 10 percent of the number of days you rent it, for the interest to qualify as home mortgage interest.

In other words, if you charge your mother rent , you would also have to stay there at least 37 days. And of course you have to declare the rent as income