A vacation home should be a place where you can relax carefree. But before you hit the hammock, you should know a little tax law…
The tax treatment of your vacation home depends on two things:
- The number of days you rent it out at fair market value
- The number of personal-use days
One way to get a nice tax break is to take advantage of “repair days.” You see, repair days don’t count as either personal or rental days!
Want to find out more? Read my new article titled Tax Tips: Repair That Vacation Home.
Three ways our fact-filled article can help you:
- We’ll explain the important rental-property rule. Depending on how you use your vacation home, the law classifies it as either a personal home or a rental property. How does the IRS make this crucial determination? You’ll find out when you read the full article.
- You’ll learn how lawmakers helped you out big time! The fact is, legislators twisted the IRS’s arm to come up with two helpful regulations that can save you money. You’ll get the details when you read the full article.
- We’ll tell you how your family can get the most from your vacation home. The law makes it clear that while you repair or maintain your vacation home, your family or others can use it without working on it with you. You’ll get the whole story when you read the full article.