I have a few clients who wish to purchase a second home in the Buckroe Beach area. There was a chance that mortgage interest on 2nd homes would be eradicated with the President’s new tax plan. Though I have asked around to professionals in the real estate industry, no one would say for sure this deduction was lost or not.
After googling the topic, I came across a short article in the Wall Street Journal (WSJ) that states it will remain as a deduction, but the same price caps will apply as for primary owned homes. Review the WSJ article below.
Of course, this will make my clients happy who are in this situation. This decision is also helpful for our area because many people purchase properties in our area as a second home, which most likely become a permanent home for their retirement.