“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...]
Vacation Homes
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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...]
Tax Issues When Your Vacation Home Is a Rental
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...]
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...]