what qualifies as a second home

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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.

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. This might seem odd, but why would your second home, a home that you would consider a vacation home, be located any closer to where you already live?

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To qualify as a second home, a motor home must have sleeping, cooking and toilet facilities. That pop-up trailer with no kitchen or bathroom won’t qualify. You don’t necessarily have to actually use the motor home, but if you don’t use it, you can’t hold it out for rental or resale and still have it qualify as a second home.

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.

The IRS now uses a ratio of the years you occupied the home as a primary residence versus the years the home was used as a rental (or other than primary residence) to calculate the amount of capital gain that will be excluded from the sale. For example, the Smiths purchased a second home in 2004.

Deducting Your RV as a Second Home.. You may be wondering, "Does my RV really qualify as a second home?" According to the IRS, a second home must have a sleeping area, a bathroom and kitchen facilities to be considered a "home." So if your RV has all three, then your loan interest is.