There are some noteworthy new tax rules for 2nd home owners:
http://www.bankrate.com/brm/news/tax/20080903-second-home-tax-a1.asp
According to the new rules, even if 2nd home owners convert their second piece of real estate to their primary home, they will owe tax on part of the sale money based on how long the house was used as a second, rather than their main residence.
Friday, December 5, 2008
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