There are three different kinds of rental vacation homes.
The point is that home ownership can and will still occur, but perhaps not at the same pricepoint. Therefore, your interest deductions for a home equity line of credit depend on whether you borrow against the equity during that year. If I rent my second home up to 14 days per year, I don’t have to report that rental income to Uncle Sam. This tool figures your monthly savings from an interest-only payment plan as compared to a standard loan program for a similar loan.