what qualifies as a second home for mortgage loan?
by Mortgage Rates on Friday, September 24th, 2010 | 4 Comments
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Because you are renting it out, it is not a second home. A second home has to be one that you can visit and stay at as your second home.
If it is rented to someone as their residence, it is an investment. You can still deduct interest, depreciation and other expenses as a investment property that you would necessarily be able to deduct as a second home.
You should consult with a tax advisor. You could face tax implications that no one here can address without all your financial information. And I wouldn’t put that out here!
Yes! Well… no, not since you just told us it will be rented out. Investors will consider it a second home if it is;
A) not going to be rented out.
B) farther than 50 miles from you primary residence.
C) in a place where people would typically vacation.
You are out of luck, this is an investment, not a vacation home for your family.