I have recently inherited some money, and our dream was always to purchase a vacation home. My question is... do I pay off my primary mortgage, car, and every other debt first... and then use the balance of the cash as a down payment on the vacation home and get a mortgage on the 2nd home? I would go into that house absolutely debt free.. and the property taxes are half of what we pay now. Are there any tax implications or advantages one way or another?
Do I have any other options? What is a short sale and is it hard to use this option? I can't afford my vacation home mortgage and I'm thinking about walking away. Do I have a better option than this?
We have a vacation home that we rent out for 10 weeks during the summer. Can we take the mortgage interest as a deduction on Schedule A as well as the total mortgage payment as an expense on Schedule E?
my friend's primary home mortgage is paid off. she want to take a mortgage on the primary home in order to buy a second/vacation home. Can he deduct the taxes?