I am finding this difficult to find information on and wondering if anyone is familiar with the following scenario:
Currently a resident in the state of California, and own and live in a personal residence within CA. Additionally, I own a second home in another state in which I am allowing family to live in without rent (so no rental income). I travel and personally use this second home a few weeks out of the year.
My question ultimately is in regards to the real estate taxes paid to the other state and mortgage interest paid and how the deductions for these are supposed to work with respect to CA. I believe CA does not conform to federal law with the $10,000 limit for state and local tax deduction. But does that include (non-income) taxes paid to other states? Would I be able to deduct it from CA income tax? I would not file an out-of-state return for the state the second home is in as I have no income in that state right?
Thanks in advance for any shared experience and knowledge.
Currently a resident in the state of California, and own and live in a personal residence within CA. Additionally, I own a second home in another state in which I am allowing family to live in without rent (so no rental income). I travel and personally use this second home a few weeks out of the year.
My question ultimately is in regards to the real estate taxes paid to the other state and mortgage interest paid and how the deductions for these are supposed to work with respect to CA. I believe CA does not conform to federal law with the $10,000 limit for state and local tax deduction. But does that include (non-income) taxes paid to other states? Would I be able to deduct it from CA income tax? I would not file an out-of-state return for the state the second home is in as I have no income in that state right?
Thanks in advance for any shared experience and knowledge.
Statistics: Posted by mutedbytes — Mon Feb 12, 2024 11:40 pm — Replies 1 — Views 130