Do you own a motor home? If the answer is “Yes,” you might be in line for some fat tax deductions! Of course, when you deal with the IRS you need to know the rules of the road. For example, “lodging” is covered by one set of rules. And “transportation” is governed by another. Want to get the whole story in language that’s easy to understand? Read my brand new article … [Read more...]
Vacation Homes
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Beware When Converting a Rental to Your Principal Residence
Thinking about converting your rental property or vacation home to a principal residence? Hoping to take advantage of the $250,000/$500,000 exclusion when you do? Then “caution” is the watchword. You see, the tax laws have changed and how you handle the conversion process can have a huge impact on how much you pay Uncle Sam. You’ll get all the facts when you read my new … [Read more...]
How to get a fat deduction for your timeshare
It’s a fact: You get the maximum tax benefit from a timeshare when you use it solely for business. But what happens if you use the timeshare for personal purposes only? The answer is, your timeshare can then qualify as a second home for purposes of the mortgage interest deduction. But be careful about renting out your timeshare. Doing so complicates things, generally … [Read more...]
How to turn your timeshare into a hefty deduction
Do you have a timeshare? Do you use it for business only? If you’re answering “Yes,” I’ve got some good news for you… You qualify for maximum tax benefits! That’s right. Because you’re using your timeshare for “business lodging” only, your timeshare escapes the awful restrictions imposed by the “vacation-home” rules. Personal use? If you use your timeshare for both … [Read more...]
How to get multiple home-office deductions
Did you know that if you follow IRS rules, you can claim: A tax-deductible office downtown A tax-deductible office in your own home Plus a tax-deductible office in your vacation home! That’s right. The law allows you to deduct multiple offices if you meet certain requirements. What are they? You’ll find out when you read my new, information-packed article titled Tax … [Read more...]