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Need Tax Info
Old 11-20-2017, 03:04 PM   #1
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Need Tax Info

We bought a winter home this past spring. I'm wondering if I will be able to claim any of the costs on my 2016 tax? We're Illinois residents, winter home is in Arizona. I'm trying to figure out what documents to haul to AZ for preparing the taxes while there. There is a small mortgage on the new home, is that interest deductible?

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Old 11-20-2017, 03:09 PM   #2
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If you are itemizing, you can deduct the mortgage interest and property taxes.

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Old 11-20-2017, 03:35 PM   #3
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If you pick one and make it your permanent residence (live there over 6 months) then you only pay State taxes for that State.
Of course if you have bought in Nevada or FL, the State income tax there is zero, between IL and AZ there may not be nearly as much a difference, but something to plan and think about..
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