Considered Making Your Home in Two Houses?

Buying a second property as your homeEven if you love your home and have not thought about buying a second one, you may reconsider after learning about the tax breaks available to those who own a second home. Many politicians and celebrities use their ownership of several homes to ease their tax burden and so can you! Buying real estate is good for the economy on all levels, so our government grants some special tax breaks to encourage this behavior. Low interest rates may make this option even more viable, too!

If you do not rent out your home, or your second home, all interest up to $1.1 million can be deducted from your income. If you decide to rent out your home, things change a bit and you have to report that income. However, if you rent out your home for fourteen days or less, it does not count. You could rent your home out for $30,000 for one week and the IRS would not care. It only counts past that fourteenth day.

In addition, you can deduct the property taxes from each and every home that you own. Lastly, owning a second home can allow you to reside in a state with more favorable taxes. As long as you live in a state for over half of the year, you can file your taxes in that state. Enjoy weekend getaways and tax breaks if you consider buying a second home and smile as you make your purchase.

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Considered Making Your Home in Two Houses?

Jerry and Rachel Hsieh

In the past 13 years in real estate and at the age of 38, Jerry has had the good fortune of experiencing all of this at some point and has established himself as one of the premiere AWARD WINNING Realtors in the industry. Jerry began his career at Coldwell Banker with incredible heat: He was named the top “rookie” agent his inaugural year with over $4.5 million dollars listed and/or sold (Most 1st year agents don’t complete any transactions). Since then, his real estate career has been non-stop and he has quickly become the realtor that other young realtors talks about. In 2010, in a down market, Jerry and Rachel sold 24 homes within a 1 mile radius of the Pico/Fairfax area. They have sold over 50 homes in the Picfair Area in the past 4 years, more than any other realtor. From 2011 until now, Jerry and Rachel’s Team has grown, as has Jerry’s experience and expertise.