Join Date: Sep 2002
Thanked 0 Times in 0 Posts
Rep Power: 0
The answers that you are getting on the Federal deductions are correct. I believe where you are confused is on the state level. I think that Texas is like Michigan where you are abused on your second home state and county property tax. In Michigan it works out to about double property taxes on your second home, almost all of which is school taxes. In that way those that do not get to vote on the issues get to pay about 5 times as much school tax as those who do vote on the issue. Then the locals are surprised that it passes?
Your primary home is your homestead, your second property is non- homestead. You get to deduct your mortgage for the second home, and if you pay property tax you cana deduct that as well.
In any event, most states do not tax boats as personal property, and only get them on the sales tax. Capture the savings on the Federal level and in most cases it falls to the state level as well. If you itemize, and if you have enough, you may be able to get a break on your sales tax. Thats what tax preparers are for.
Last edited by tommyt; 07-24-2007 at 11:36 AM.