Tax benefits should be considered if you are thinking about buying a second home at Deep Creek Lake. I put together a list of a few tax breaks, but you should always consult a tax professional for verification of specific terms and tax benefits since every situation is unique.
1.) Mortgage Interest is deductible up to $750,000 in combined total mortgages.
2.) Home Improvements – you can deduct interest on a home equity or line of credit (there will be limits).
3.) You can deduct your second home property taxes up to $10,000/year for all state and local taxes.
4.) If you rent for 14 days or less over the course of the year, that rental income is tax free with no limit on what you can charge.Continue reading Tax Benefits for Second Home Owners