Retirement Home? Buy Now

Physician's Money Digest, January15 2003, Volume 10, Issue 1

Caution:

Physician's Money Digest

The market for second homes ishot, but experts don't foresee anyfall in the future. Although some second-home buyers may be leery ofstepping into a market that may beabout to let off some steam, mostreal estate brokers see continuedstrong demand for second homes.Those in the market for a secondhome can also count on some helpfrom the IRS, which will let you writeoff mortgage interest on both yourprimary residence and your vacationhome, up to $1 million. You can evencall your boat or RV a second home,as long as it has beds, a toilet, andcooking facilities. If you planto rent the second home, the tax picturecan get very fuzzy. Call youraccountant for advice. A recent surveyof readersfound that about 2 of 5 doctorsowned second homes.