The IRS No Longer Likes Our Vacation Home

The Capital Gains Exemption for Second Homes is Fading Away 

Mr. and Mrs. ToughMoneyLove bought themselves a 25^th anniversary present six years ago: a lake house about 90 minutes away.  We have enjoyed it immensely on weekends and holidays and for week-long gatherings of our extended family.  As a long term plan, we are contemplating using it as a part-time residence in retirement.  That is why we have identified maintaining it as one of our financial goals. Read more