Are taxes on second homes deductible?

Asked by Trulia New York, New York Wed May 29, 2013

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Elena Ravich, Esq.’s answer
Elena Ravich,…, Agent, New York, NY
Mon Jun 3, 2013
The IRS lets you write off the property taxes on your second home. However, the way that you use your second home will determine how you write it off. If if is truly a personal residence, which means that you rent it out fewer than 14 days a year, you can write it off with the property taxes on your first house. If it is rented out more than 14 days a year, you must allocate the deduction by the percentage of personal use and rental use.
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