Would you like to dramatically increase your second-home deductions by thousands of dollars?
Well, keep reading because the Tax Reduction Letter has turned up a perfectly legal, court-approved strategy that can put a lot of money in your pocket.
What’s that? You haven’t heard about this before?
This should come as no surprise. You see, the IRS doesn’t mention this money-saving strategy in IRS documents. It would prefer that owners of second homes don’t take advantage of the significant tax breaks they’re entitled to.
Want to learn what the IRS would rather keep under wraps? Read my new article titled Tax Tips: Technique That Increases Deductions on Your Vacation or Other Home!
Three ways our fact-filled article can help you:
- We’ll explain the IRS’s draconian vacation-home deduction limits. Do you own a second home like a beach house, ski cabin, or other property you both rent and use yourself? If you do, the vacation-home rules divide your home so you have to treat it as a residence for part of the year and a rental property for part of the year. This can hurt you in two ways as you’ll learn when you read the full article.
- We’ll introduce you to the Boltons. When Dorance and Helen Bolton faced vacation-home deduction limits, they did something important. They fought back against the IRS and won! In fact, the creative technique they devised increased their tax deduction by 49-percent! How did they come out of tax court as winners? You’ll find out when you read the full article.
- We’ll explain the IRS’s calculation method (bad!) and the Bolton’s method (good!). There are two ways to determine how much mortgage interest and property-tax expenses you must apply to the cap on rental expenses. Under the IRS method, you count total use of the property. The Bolton method takes into account the entire year, not just the use of the property. You’ll get all the money-saving details when you read the full article.