Re: second home vs investment property

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For info, try googling: IRS + second home + qualifies.

There are those who argue that the "second home"
qualifications are too fuzzy for even the IRS to apply.

On 8/21/06, Judy wrote:
> I want to buy my parents a patio home in my home town. The
> mortgage co. said I can not list it as a second home because
> it is not a vacation home and it is in my same town. She
> said it has to be a certain mileage from my home...what is
> that mileage? The rates for an investment home are really
> high...I am planning to move in this home after about 10
> years of them living there. What are my options? Also, if
> we have to do this as an invesment property...how do you
> figure fair market value?
> Thank you for your help.