The IRS says that a second home can also be a condo, co-op, mobile home, RV, house trailer – even a boat if it has sleeping, cooking and toilet facilities. Even that darn yurt that my husband intend to build somewhere in the Poconos would qualify.
Any of following can qualify as a second home: House. Condominium. Cooperative. Mobile home. House trailer. boat. property similar to the above properties.
What are the qualifications to purchase a second home? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Any of following can qualify as a second home: House. Condominium. Cooperative. Mobile home. House trailer. Boat. Property similar to the above properties.
If you don’t live in it on a semi-regular basis, lenders will instead consider it an investment property. To qualify as a second home, the property must also be far enough away. Generally, lenders will only consider a property as a second home if it is at least 50 miles away from your primary residence.
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Credit score requirements for a second home are higher than for a primary residence. You may be able to defray your monthly mortgage expenses by renting out your vacation home when you’re not using.
Based on your answers to the tax questions, we will select the right forms for your tax situation and report any home tax deductions you qualify for on your return.
Following that logic, Curley wondered why drivers are allowed to use babies as their second passengers. “Well then what about a baby? Would you rather have a baby driving the car or a corpse?” joked.
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To qualify to take on a large debt such as a second home loan, you must first have a good history with your creditors. Your lender will examine your credit report. Credit scores range from 300 to 900. The higher your score, the better your credit, with more favorable rates available if you are in the mid-700s.
The IRS has an expansive definition of "home" for the purposes of the mortgage interest deduction. As long as the boat has sleeping, cooking and toilet facilities, then the IRS treats the boat as a.
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