Home Buying in 02540>Question Details

William Brug…, Home Buyer in Boston, MA

Is the interest on a loan for a second home tax deductable?

Asked by William Brugge, Boston, MA Sat Apr 25, 2009

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5
Peter McCormack’s answer
William,
Don't count on it or the previous answers. Real estate agents are not qualified to give tax advice. I'd recommend you speak with a tax professional. Everything is "deductible" until you learn otherwise in an audit.
1 vote Thank Flag Link Sun Apr 26, 2009
FYI I am a tax pro and property manager, not an agent
0 votes Thank Flag Link Fri May 1, 2009
Absolutely. Interest on mortgages (first & second) as well as property taxes are tax deductable.
0 votes Thank Flag Link Sat Apr 25, 2009
Good afternoon William:

Interest and property taxes are deductable on a second home. Another home that is an investment home has another whole set of tax and operational issues.

regards,

Rob
0 votes Thank Flag Link Sat Apr 25, 2009
YES, and you can depreciate it if it is a rental. You need to have fire insurance.
0 votes Thank Flag Link Sat Apr 25, 2009
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