Are you thinking of your 2007 income tax preparation already? If so, here is a web site that will answer lots of questions, is an easy read, and will prove quite helpful. For people owning two homes, did you know that all interest on loans up to $1Million is deductible whether it is your primary residence or your second home? For those of you that have home equity loans, interest is deductible on loans up to $100,000 if your home is secured by the loan.
Here is the website. http://www.bankrate.com/brm/itax/news/taxguide/default.asp
The IRS constantly changes their deductions and tax info. Be sure to check with your accountant or financial adviser for up-to-date information.