By: Jean Folder, Investopedia
Many homeowners look forward to purchasing a second home that can be used for vacations, rental income or investment purposes or as a primary residence during retirement. Current tax laws offer several tax breaks that can help make second-home ownership more affordable.
If you already own or are thinking about purchasing a second home, it will be in your best interest to understand the tax breaks and how they work. Different tax rules apply depending on how you use the property, for either personal or rental use, or a combination of the two.
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