Second Home

Second Home means:
a residence that is not the principal residence. A taxpayer may deduct interest on two personal residences provided certain residence requirements are met.v

See also other Tax Terms and Definitions in U.S.A.

secondary residence; vacation home; home mortgage interest.

Example of Second Home:

Learn more about tax examples, explanations and calculations here.

Senator Goodwill maintains his principal residence in Hometown, Iowa, and a second home in Washington, D.C. He is allowed to deduct as an itemized deduction interest paid on both up to $1 million of acquisition debt plus $100,000 of home equity debt.