I often get asked about the benefits, tax breaks, and financial pros and cons of owning a second home or a vacation home.
Whether you already own a second residence or are considering purchasing one, there are several tax deductions that can make it more affordable. (After all, who doesn’t dream of owning a summer vacation house!)
Owning a second home can be a costly investment and isn’t a purchase you should “jump into” without doing your due diligence first.
Investopedia provides a great breakdown of some available tax breaks. I highly recommend reading this article if you plan to become a second-home owner!