"Maximize Your Tax Savingswith Timeshare Deductions" To get my complete articlewith all the details… Are you looking to optimize your tax deductions with your timeshare? Discover how you can benefit from rental and personal use of your timeshare in our latest article: Tax Guide to Timeshare Deductions When You Rent It to Others. Last month, we discussed the … [Read more...]
Vacation Homes
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Tax-Free Income From 14-day “Augusta rule”
“Tax-Free Income From 14-day“Augusta rule” To get my complete, FREE articlewith all the details… Are you running an S corporation? Then you should know about the Augusta rule. The Augusta rule gets its name from the Masters Golf Tournament where some members and others who live in the area, receive tax-free rent by renting their homes out for a week or two. … [Read more...]
Do You Owe Self-Employment Tax on Airbnb Rental Income?
“Do You Owe Self-Employment Taxon Airbnb Rental Income?” To get my complete articlewith all the details... That’s a good question. One you should be asking yourself if you use your property as an Airbnb. Well, let’s take a crack at answering the question. First... Here’s what the IRS saidin their Chief Counsel Advice (CCA): … [Read more...]
New and Improved Energy Tax Credits for Homeowners
“New and Improved Energy TaxCredits for Homeowners” To get my complete articlewith all the details... Good news! Thanks to a new tax law that just passed, you can slash your energy bill and help prevent damage to the environment at the same time. I’m talking about the new Inflation Reduction Act. What exactly does the new law deliver? It increases the … [Read more...]
Selling Your Appreciated Vacation Home? What About Taxes?
Got a vacation home you want to sell? Be careful.The tax laws that apply can be tricky...and costly! What exactly is a “vacation home.”? Seems obvious, doesn’t it? Well, we’re dealing with the IRS so it isn’t. If you have a home that you rent outand use personally, the IRS defines it as a “vacation home.” So what? . . . you may ask. The answer is that the … [Read more...]