A vacation home may be more affordable than you think. Did you know the interest paid for a second home's mortgage is tax deductible? In fact, tapping the equity in your first home to put a down payment on a second home can actually give you three (total) mortgage-interest tax deductions. Interest paid on equity loans is tax deductible too!
If you're thinking about purchasing a second or vacation home, ask your tax professional to run the numbers for you. And be sure to check IRS regulations if you intend to rent out your second home for income.
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