Tag Archives: Capital Gains Exclusion
Taxes and Second Homes: Will Buying a Second Home Help Lower My Income Taxes?
God, I wish I could say yes, but more likely, just maybe. Or how about, fat chance?
I checked with my wonderful CPA firm, Judd, Thomas Smith & Company, who says you may still deduct mortgage interest on a second home and also property taxes but watch it: that alternative minimum tax, a complicated Congressional invention to snag the rich that ends up now screwing the middle class, sometimes puts the brakes on mortgage interest or property tax deductions of any abode.
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