By Ruth Douglas
Have you ever spent a week at a friend’s vacation home and returned wishing you owned your own little place to escape from the everyday world? You might be surprised to learn that a second home may not he as far-off as it seems.
Millions of people own vacation homes, and one way some of them offset the cost of a second home is to let people rent it during peak seasons. Buying in a high-demand location such as a popular beach or ski resort increases the likelihood of being able to find renters season after season.
It you choose to do this with your vacation home, you can use the money collected from rent to cover maintenance expenses and the monthly mortgage. It can even save you money at tax time if’ you use your vacation home less than two weeks per year. If that’s the case, the home may classify as a rental property, and you may be able to deduct certain expenses.
However; if you use it more often, it will classify, as a dwelling. In that case, you may still be able to deduct some mortgage interest.
There are many tax rules and guidelines when it comes to owning a vacation home that is also used as a rental property, and it may seem confusing at first. It is worth taking the time to learn a hout, however, if you are serious about buying — and renting out — a vacation home.
To clarify everything, meet with your tax or financial professional for an explanation and for help deciding which situation will benefit you most. Furthermore, if you are thinking about purchasing a vacation home, please call me.
Millions of people own vacation homes, and one way some of them offset the cost of a second home is to let people rent it during peak seasons. Buying in a high-demand location such as a popular beach or ski resort increases the likelihood of being able to find renters season after season.
It you choose to do this with your vacation home, you can use the money collected from rent to cover maintenance expenses and the monthly mortgage. It can even save you money at tax time if’ you use your vacation home less than two weeks per year. If that’s the case, the home may classify as a rental property, and you may be able to deduct certain expenses.
However; if you use it more often, it will classify, as a dwelling. In that case, you may still be able to deduct some mortgage interest.
There are many tax rules and guidelines when it comes to owning a vacation home that is also used as a rental property, and it may seem confusing at first. It is worth taking the time to learn a hout, however, if you are serious about buying — and renting out — a vacation home.
To clarify everything, meet with your tax or financial professional for an explanation and for help deciding which situation will benefit you most. Furthermore, if you are thinking about purchasing a vacation home, please call me.
As your real estate sales professional, I am here to help you find a place that will provide you and your family with many years of enjoyment and relaxation, as well as additional income if you decide to rent it out. We service the Port Clinton, Catawba, Marblehead and Islands area. Give me a call Ruth Douglas 419-202-0029
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