Considered Making Your Home in Two Houses?

A Story by Michele Kreinheder | Updated 11/24/2013 8:07pm


Buying a second property as your homeEven if you love your home and have not thought about buying a second one, you may reconsider after learning about the tax breaks available to those who own a second home. Many politicians and celebrities use their ownership of several homes to ease their tax burden and so can you! Buying real estate is good for the economy on all levels, so our government grants some special tax breaks to encourage this behavior. Low interest rates may make this option even more viable, too! If you do not rent out your home, or your second home, all interest up to $1.1 million can be deducted from your income. If you decide to rent out your home, things change a bit and you have to report that income. However, if you rent out your home for fourteen days or less, it does not count. You could rent your home out for $30,000 for one week and the IRS would not care. It only counts past that fourteenth day. Long Beach could easily be a destination city for people suffering through the long winter in most of the country. Think about taking advantage of the information above and rent your home out while you vacation somewhere else. The popular website www.vrbo.com, which stands for Vacation Rental by Owner is making this an easy process for just about anyone. In addition, you can deduct the property taxes from each and every home that you own. Lastly, owning a second home can allow you to reside in a state with more favorable taxes. As long as you live in a state for over half of the year, you can file your taxes in that state. Enjoy weekend getaways and tax breaks if you consider buying a second home and smile as you make your purchase.

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Michele Kreinheder
Real Estate Group
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