What are the tax benefits of owning a second home and making it a long term 12 month rental?

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since only you know your present tax situation, it's not possible to answer your question. what you can do is use TT taxcaster to see what your return might look like if you purchased rental property.

more to the point owning investment property should be more a question of economics than taxes. I have had situations where taxpayers reduced their taxes but at the end they lost money because the value of the property did not increase. another way for be to say this is that even after taking tax savings into account they had negative cash flow.