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T2021
Returning Member

Purchase 50% of a second home (vacation) what can I write off

 
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2 Replies

Purchase 50% of a second home (vacation) what can I write off

Cynthiad66
Expert Alumni

Purchase 50% of a second home (vacation) what can I write off

You can deduct property taxes  and mortgage interest on your second home. In fact, unlike the mortgage interest rule, you can deduct property taxes paid on any number of homes you own. However, beginning in 2018, the total of all state and local taxes deducted, including property taxes, is limited to $10,000 per tax return.  Of course up to the percentage of ownership of the property.

 

Use this link for additional details:  Tax Breaks on Second Home

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