I'm thinking of buying real estate in Italy as a second holiday home. I would like some information about the potential dangers. Also, someone can advise as to the tax implications as U.S. Resident (I. E.,? I can take advantage of the mortgage interest deduction)? Thank you. Well, I have the answer. Purchasing real estate outside the U.S. Requires local expertise to advise and counsel with experience in all rules and laws for the country (s) in which you are interested. You should take advantage of the website www. International Living. Com, has many publications and periodical subscription emails as their "Postcards from [country]". Besides sponsoring several days real estate investor and potential retirees seminars around the world to learn all the intricacies of investment in certain areas where they are present. If you sign up for on-site communications, prepare to be "rewarded" with regular offers to buy books, seminars, etc. Is not a bad thing, really. I have an article of 12 pages I downloaded from the site, formatted for MS Word entitled "Outlets in Italy" would be happy to send. It would be a good overview. E-mail to gwjohnso @ comcast. Net PS – I have no connection with International Living except as a reader.