It pays to know the subtle details involved with determining whether the home you own as a second home qualifies as a second home entitled to receive 100% in tax deductions or as a second home where you take deductions as an expense. It seems the Internal Revenue Service (IRS) has determined that 14 days is the magic number for qualifying your second home as full use or part-time use. In order to receive the best tax position, you need to know the difference.
My article titled Tax Benefits for Second Homes and Vacation Homes answers some basic questions about owning a second home and the pros and cons you need to know about second home ownership. Click on this link to read more about the tax benefits of owning a second home or vacation home.
Tax Benefits for Second Homes and Vacation Homes (MarleneB, HubPages.com)
- Vacation Rental Directories Help Find Vacation Homes (bertrandrealty.wordpress.com)
- Your Vacation Home and Your Tax Return (turbotax.intuit.com)
For more information about real estate, visit www.BertrandRealty.com.