(This is Part 2 of an eight-part series. Read Part 1, Part 3, Part 4, Part 5, Part 6, Part 7 and Part 8.) Taxpayers are entitled to claim deductions for their principal residence and one vacation or second home. Except for unusual situations, the ownership tax breaks for a primary residence are generally limited to the mortgage interest and property tax deductions. However, tax savings from owning a second or vacation home are a bit more complicated and are often greater. Depending on your personal-use time, and with some advance tax planning, your vacation or second home can produce significant tax savings. Purchase Bob Bruss reports online. FOUR TAX CATEGORIES FOR SECOND OR VACATION HOMES. Mortgage interest and property tax payments for your second or vacation home are always tax-deductible. However, if you own a third home, it does not qualify for the mortgage interest and property tax deductions unless it is a rental property. Your personal use time determines which of the fou...
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