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 McCorm…, Agent, Marstons Mills, MA
Sun Apr 26, 2009
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
Lisa Medders, Other Pro, Caseyville, IL
Fri May 1, 2009
FYI I am a tax pro and property manager, not an agent
0 votes
Susan Costa, , Westport, MA
Sat Apr 25, 2009
Absolutely. Interest on mortgages (first & second) as well as property taxes are tax deductable.
0 votes
Rob Goodwin,…, , Easton, MA
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
Lisa Medders, Other Pro, Caseyville, IL
Sat Apr 25, 2009
YES, and you can depreciate it if it is a rental. You need to have fire insurance.
0 votes
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