Is your vacation home a personal residence or a rental property? It sure matters to the IRS! The distinction has serious implications for how big your tax bill will be. IMPORTANT FACT: If you have a home that you rent out and use personally, you have an IRS-defined “vacation home.” According to the IRS, your vacation home is either a personal residence or a rental … [Read more...]
Vacation Homes
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Watch Out if You Own a Home for Rental AND Personal Use!
To get my complete, FREE articlewith all the details… Do you use a home for both rental and personal use? Then I urge you to read the full article right now. Why? Because I’ll explain the complicated IRS rules that determine how much tax you’ll have to pay. Home sweet vacation home. When you use a home for both rental and personal use, the IRS considers it … [Read more...]
Little-Known Rule Can Slash Your Principal Residence Tax Break
To get my complete, FREE articlewith all the details… Are you thinking about selling your principal residence? Then you may be eligible to take advantage of some huge tax savings. I’m talking about the "principal residence gain-exclusion break.” The good news: Thankfully, the federal income tax gain exclusion break for principal residence sales is still on … [Read more...]
Principal Residence Gain-Exclusion Break (Part 3 of 3)
To get my complete, FREE articlewith all the details… NOTE: This issue of the Tax Reduction Letter is a“refresher” on an important topic. It’s the last ofa three-part series and I suggest you review parts 1 and 2to get complete information. Are you about to sell your home, or thinking about putting it on the market? Then I’ve got good news for you… You … [Read more...]
Does Renting My Home for Two Months Kill the $500,000 Exclusion?
Sometimes tax rules are easy to follow. Other times, several rules interact with each other and have to be coordinated carefully to deliver the maximum tax benefit. In this issue of the Tax Reduction Letter, we’ll deal with just such an integration challenge that was ultimately successful. Read the full article for full details. Here’s an example of important … [Read more...]