vacation home 2nd home?

mathjak107 · 01-27-2008, 11:38 AM

if your primary home is a rental and you dont own a home for your primary residence is your vacation home considered a 2nd home for tax purposes?

Spanky · 01-27-2008, 03:49 PM

As long as you use your vacation home for more than 14 days in a year, you can deduct your mortgage interests paid.

mathjak107 · 01-27-2008, 05:05 PM

more curious about the rules about 2nd homes and home equity loans. im not looking to take a loan but i was just curious how its looked at when you own only 1 home but its not your primary residence. as an example 2nd homes carry mortgage interest limits on home equity loans that dont apply to first homes

01-27-2008, 11:38 AM	#1
mathjak107 Thinks s/he gets paid by the post Join Date: Jul 2005 Posts: 2,430	vacation home 2nd home? if your primary home is a rental and you dont own a home for your primary residence is your vacation home considered a 2nd home for tax purposes?

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01-27-2008, 03:49 PM	#2
Spanky Thinks s/he gets paid by the post Join Date: Dec 2004 Location: Minneapolis Posts: 2,784	As long as you use your vacation home for more than 14 days in a year, you can deduct your mortgage interests paid.

01-27-2008, 05:05 PM	#3
mathjak107 Thinks s/he gets paid by the post Join Date: Jul 2005 Posts: 2,430	more curious about the rules about 2nd homes and home equity loans. im not looking to take a loan but i was just curious how its looked at when you own only 1 home but its not your primary residence. as an example 2nd homes carry mortgage interest limits on home equity loans that dont apply to first homes

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