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[quote=Anonymous][quote=Anonymous]We spent a little over $1m for a second home. At the time we had around $4m saved. We took out a hefty mortgage and have been paying it off aggressively. We have very little mortgage left on our primary home so our total is below the deductibility limits (which of course didn’t exist when we bought it).

We don’t rent it out so it’s all out of cash flow, which is fine. Agree with PP that it’s not an investment, it’s a luxury/expensive hobby. The house has certainly appreciated but we have no plans to sell it. It’s an extension of our primary house.

I’m surprised you are finding condos/houses that you would rent for $20k week for under $1m. We ski in the west several times a year. The house we rented in park city this season for $6k at Christmas was worth about $800-900k. A house that rented for $15-20k would be much more expensive. [/quote]

This pretty much describes our situation as well. I will also add that in Delaware you dont really have property tax. I think we pay about 1K on our $1.5M home. [/quote]

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