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12 Tax Tips To Consider When Buying A Shore Or Vacation Property This Summer

Buying property for summer fun? Here are a few tips when looking for your perfect summer home.

  1. The Internal Revenue Service considers a vacation home or a second home one that is permanently in place (even though it could be moved, like an RV) and offers sleeping, cooking and toilet facilities.
  2. For tax purposes, you can deduct “qualified residence interest” on a mortgage secured by a second home – that’s in addition to interest that you pay on a mortgage that is your primary residence.
  3. In addition to mortgage interest, local and state real estate taxes paid on a second or vacation home are also generally deductible.

Read the rest of the tips in the full article here.

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