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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Sale of Second Home and Election 266
Sale of Second Home and Election 266
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maughact
Level 4
02-10-2021
07:44 PM
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I have a client that bought a second home. Only used it a couple times. Bought it in 2019 and sold it in 2020. Made improvements and made a profit. He forgot to give me his mortgage interest form for 2019. Also, the property has high real estate taxes. Is there a way to make a 266 election to capitalize the mortgage interest and real estate taxes in order to include these costs on Schedule D?
I know we can amend 2019 taxes to include the mortgage interest but is already at $10,000 for taxes on the Schedule A with him primary residence.
I'm thinking no? But would like some feedback.
Thanks,
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1 Comment 1
IRonMaN
Level 15
02-10-2021
07:45 PM
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I'm thinking what you are thinking - no.
Slava Ukraini!
