2007-05-05 11:18:57 · 5 answers · asked by kathleen Z 1 in Business & Finance ➔ Renting & Real Estate
It's always confused me that people think it's a good idea to spend a dollar to get 25 cents back in taxes.
For every dollar you send me, I'll give you back 50 cents!!! That's a much better investment.......
2007-05-05 11:45:11 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
Actually the tax break is only on your primary residence unless the second is a rental but then you have to claim the income
2007-05-05 11:28:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You don't get to deduct the mortgage from the second home. If you want to do that you need to finance the heck out of your primary residence and pay for your vacation home with cash.
2007-05-05 14:09:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the property tax on a second home could be a deduction if you are able to itemize in the first place
also the mortgage interest would be a deduction
2007-05-05 11:25:49 · answer #4 · answered by Jo Blo 6 · 0⤊ 0⤋
Yes, but that is a really bad reason for buying one.
2007-05-05 11:21:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋