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Buying a Second Home in Mammoth California? |
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Thinking of buying a second home in Mammoth California ?Today buying a second home in Mammoth California can be for investment purposes as well as enjoyment. And yes, there are tax benefits to buying a second home in Mammoth California.
Some people are buying a second home in Mammoth California area with the idea of turning it into a permanent retirement home down the road, which puts them ahead on their payments. Another benefit is that the interest and property taxes are tax deductible when buying a second home in Mammoth California, which helps to offset the cost of paying for a second home.
When buying a second home in Mammoth California, the home can be depreciated if you live in it fewer than 14 days a year, or 10 percent of the rented days - whichever is greater. Consult your tax advisor for more details. The point is that there are many financial benefits to buying a second home in Mammoth California.
A 1031 Exchange is a way to defer taxes on the sale of a property. This is used by many sellers who are buying a second home in Mammoth California. If you are selling one property to buy another similar property, it might qualify for a 1031 exchange.
For More Information on 1031 Exchanges, contact Lisa Lambert, Esq at Asset Preservation, Inc.
Resources:
* "Real Estate Investing From A to Z," William Pivar, Probus Publishing, Chicago; 1993.
* "The Ultimate Language of Real Estate,'' John Reilly, Dearborn Financial Publishing, Chicago; 1993.
Questions about Buying a Second Home in Mammoth California?
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