Quote:
Originally Posted by zx10guy
^This.
I pretty much lost all of my deductions for my second home due to the tax law changes. I could rent it out but choose not to as I don't want to risk anyone trashing my place. I bought it as new construction. I also like the convenience of being able to go out to my house whenever I wish without working around renters.
|
I am in essentially the exact situation. The deduction eliminated the incentive to own property unless you’re buying big. I’m certain that’s part of the plan since banks are buying real estate and getting into the rental business.
Even with the previous deduction, unless you had some hefty appreciation, you really don’t make money buying a home after all the interest, maintenance, taxes, insurance etc is paid. If your home appreciates at the same rate as the interest rate on your mortgage, you’re losing money.