2006-10-17 05:47:02 · 3 answers · asked by okole 3 in Business & Finance ➔ Taxes ➔ United States
If you are talking about one main home and one vacation home, you will get a deduction for taxes paid. You can also qualify for a mortgage interest deduction but remember the $1,000,000 cap.
You do not enjoy the same benefits when you come to sell the vaction home - the $250,000/500,000 exemption is not available to offset the capital gain. If you really do not want to pay capital gains on a vaction home you must plan ahead and talk to an accountant at the time. It can be done but it requires you to jump through lots of hoops that you might not fancy doing.
2006-10-17 08:27:39 · answer #1 · answered by skip 6 · 2⤊ 0⤋
Your primary home is the only one you should be getting tax breaks on. A secondary residence doesn't count towards the mortgage interest credit.
2006-10-17 07:53:24 · answer #2 · answered by Chris J 6 · 1⤊ 1⤋
ask your accountant. But I don't think it will be the same as your primary residence.
2006-10-17 07:50:57 · answer #3 · answered by sarkatick 2 · 0⤊ 1⤋