Thursday, November 06, 2008

Tax Advantages of Owning a Second Home

There is always confusion as to how 'useful' the tax advantages are of owning a second and/or vacation home. I found the following article helpful. Go HERE to read more. The key word may be "active'. If you actively manage the property you can deduct up to $25K per year of losses on your second home against earned income. The IRS guide for Vacation homes is IRS Publication 527. Happy reading!

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