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Here s where dehnitions become important if you own more than two Jiomes. A principal residence is the one used most often by the taxpayer (the one that would qualify for the roll-~ever gain provision of the current
^law).
A second residence qualifies if [ personal use exceeds the greater of 14 [ days or 10% of the total number of fdays the home is rented. A “home” includes a house, apartment, condo, mobile home, etc.
Interest on third or more homes is not deductible. However, each year a taxpayer may choose which residence to treat as the second home. Home 'ownership is still a great tax shelter.
If there is anything we can do to help you in the field or real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone 675-3003. We’re here to help.
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