Over and over again real estate agents are taught to not give legal or accounting advice. Unless you are an accountant who also sells real estate you can create a liability situation if someone purchases a vacation or second home partially based on your advice, and it turns out you were wrong or the law/rule/regulation changed.
Probably good advice.
So here is a list of links that may help while preparing your 2018 returns. Take the advice with a grain of salt, and of course check with your accountant : )
- Intuit: https://turbotax.intuit.com/tax-tips/home-ownership/buying-a-second-home-tax-tips-for-homeowners/L5Mzc5URo
- CNBC: https://www.cnbc.com/2018/05/03/buying-a-second-home-dont-overlook-key-tax-considerations.html
- Kiplinger: https://www.kiplinger.com/article/taxes/T010-C000-S001-tax-rules-for-second-homes.html
- IRS: https://www.irs.gov/faqs/itemized-deductions-standard-deduction/real-estate-taxes-mortgage-interest-points-other-property-expenses/real-estate-taxes-mortgage-interest-points-other-property-expenses-5
So remember to check with your accountant, purchase with all variables in mind, and most of all enjoy! If you live outside the U.S. and you own a second home in the U.S. then obviously check with your home country as well as the U.S. and it is even more important to seek professional advice.
Considering a second home? Contact me today and if it’s outside our market area I can refer you to an agent on my preferred list where you are heading.
Lee Hisey, Realtor and Team Leader 440-315-6000