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Are second homes taxed differently?
Are second homes taxed differently? Does it matter if the second home is a personal or a rental?
Asked By Janis | Lexington, KY | 595 views | Investing | Created 2 years ago
Answer(2)
Rylie Schroeder
Compass RE
Hi Janis! The simple answer for this question is yes. Prior to Covid, second home or "vacation homes" were taxed very similarly to primary residences. With an influx in people taking advantage of this during Covid, they created more strict guidelines and purchasing a second home now is going to look more like purchasing an investment property.
- 2 years ago
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Zamir Gonzalez
Keller Williams Greater Seattle
This would be a great question to ask a local CPA in your state. They will have a better understanding of your financials and how you will be taxed for a second home.
- 2 years ago
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