Many do not know this, but Americans can buy another house, say in a southern area ...
Many do not know this, but Americans can buy another home, say in a warm southern area when they live in cold New York, and tell the bank that it is a second home and not an investment home. In return they will receive preferential interest. Have we already said that there is nothing like the real estate market in the US? Of course there are a number of criteria that must be met, such as that you are not supposed to rent this house. It is possible, by the way, to own a number of two houses, as long as there is a geographical distance between them that justifies holding a second house and a logic that makes sense to the bank. recommended!
If you're thinking about buying a second a home to use for vacations, rental income or a place to call home during retirement, it makes financial sense to take advantage of all the available tax breaks. The cost of ownership, after all, can be significantly reduced through tax saving discounts on mortgage interest, property taxes and other expenses.
Recent tax changes stemming from the 2017 Tax Cuts and Jobs Act (TCJA), which is now in effect until 2025, affect how much money you may be able to save. Starting in 2018, for example, married couples filing jointly can only deduct interest on up to $ 750,000 of qualified home loans - down from $ 1 million in 2017. And home equity loan interest can be deducted only if the money is used for renovations. Still, even with these changes, there are useful breaks that can help make owning a second home more affordable. Here's a quick rundown
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Tax Breaks for Second-Home Owners | Investopedia
Owning a second home is a great investment for a variety of reasons, but you need to know the tax implications of multi-home ownership.
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