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Originally Posted by Paugus Bay Resident
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When you purchase to get a better rate buy as a second home, because if you have intentions of renting right off the bat they will know and you will be forced into a income property mortgage.
Then after decide you want to rent it. Now if you declare the rentals and hit a certain amount on it you have to then declare it a rental property and then you deduct expenses but also declare your income on it. Also when you go to sell it you will have to pay more taxes on it. I have looked into it. Now if you keep it as a second home and "allow" others to use it lets say, then you can keep it as a second home and pay less taxes at time of sale and for how long you own it each year when you do your taxes. You have to weigh both situations and make your own decision here.