2nd Home
I am looking o break into REI with 2 of my partners. I want to purchase a vacatin home. Will the mortgage \ property taxes , etc be deductible. We all have FT jobs and make about 100 k each.
I am looking o break into REI with 2 of my partners. I want to purchase a vacatin home. Will the mortgage \ property taxes , etc be deductible. We all have FT jobs and make about 100 k each.
Interest and expenses will be deductable. That being said, purchasing a vacation home may not be the best idea for generating positive cash flow.
I looked into vacation rentals a while back, and in most places in the country it was difficult to cover the mortgage with rental payments.
Just food for thought.
[addsig]
Until it's outright paid for, it will indeed just be an expense. 100K x 3 could go a long way in putting a dent in that mortgage.