Tax Benefits for Second Home Owners

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.

tax benefits

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

Winter 2021 at Deep Creek Lake

Winter 2021 has been absolutely incredible at Deep Creek Lake! Conditions for winter sports have been amazing. Lots of snowfall and cold temps have made our area an absolute winter wonderland.

winter 2021
Wisp Resort February 7

Winter 2021 Weather

Nearly every week throughout January and February, we saw snowfall. There were storms right before MLK and President’s Day weekends that brought fresh powder for skiers. It was not unusual to have 8-10 inches dropped on the area several weeks in a row. Wisp Resort is reporting 109 inches for the season so far. Temperatures are warming up a bit as we head into March, but Garrett County winters shouldn’t be underestimated.

Continue reading Winter 2021 at Deep Creek Lake