Whoa!! Hold on! What's wrong with the CPA's advice? If
> you read the OP statement carefully, you will see that this
> house may not the second home but the third! OP is already
> deducting interest on two properties. We need more facts to
> be able to tell what is going on here but the position of
> the CPA is not, on the surface, outrageous.
I'll second that! :-)
I'm under the impression that the so-called "2nd home" is actually a rental property and the CPA advised the poster on the implications of the passive loss rules. MTW
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