If you have been reading Mr. ToughMoneyLove for a while (thank-you BTW), you know that we have been planning on paying off one of our mortgages. (We own two homes, one of which we use now as a vacation home and later, as a full or part-time retirement residence.) My original target date for mortgage payoff was December 2008 but that date slipped a bit once we learned of the outcome of the election, plans for the economy were in flux, and things got busy around here. We had been earnestly accumulating cash over the last 24 months to get this done.
The Capital Gains Exemption for Second Homes is Fading Away
Mr. and Mrs. ToughMoneyLove bought themselves a 25th 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