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Deleted member 93354
Guest
I'm good with all of that except the 2nd house mortgage deduction.
Limits for interest deductions on home loans have dropped from $1 million to $500,000. So if their combined notes are over $500K, they no longer get that break.
This will really hurt people who buy up homes cheap, mortgage them, then rent them out. I have two friends who each own over 5 homes all section 8. They are barely making ends meet with their unreliable clientele. Its harder than you think to turn a profit on a rental. They hold onto them with the hopes that appreciation, and the note pay down will pay off as passive income in retirement.
Me, I do it the old fashioned way, stuffing it away.