Owning two homes means paying two sets of property taxes — but it may not all be deductibletwice. But, you may not be able to deduct those property taxes on your second home, depending on how much property tax you already pay.
If you pay $10,000 or more in property taxes on your first home, you likely won't be able to deduct any of the property taxes from your second home. Before buying, it might be worth looking at your current tax bill to see if you'd qualify for the deduction, and remember that property taxes tend to rise over the years. If you're not planning to rent your second home to others, there are a few benefits — aside from having the place all to yourself.
If you're planning to keep the second home as a personal residence, your taxes won't change much, especially if you're still able to deduct the property taxes. If you rent out your second home for part of the year — even just for three weeks — the tax situation could become entirely different. These deductions can add up, and offset the amount you could owe on the rental income. "If you had to put a new roof on, that's deductible. With your personal residence, you can't make those types of deductions," she says.
And if you do rent it out those things are still deductible.
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