Personal Residence and Vacation Home Tax Planning

Personal residences, vacation homes, and rental properties provide fertile ground for tax planning. Whether you are purchasing a home, enjoying home ownership at present, or selling a home, it is vital that you become familiar with the applicable tax rules in order to minimize your income taxes. Depending on your circumstances, you may need to know about the deductibility of mortgage interest, points, closing costs, or depreciation; or you might wish to know the tax ramifications of reverse mortgages, owning vacation homes, or renting your principal residence to someone else.

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