The difference between a vacation home and a rental property — and what it means for your taxes

Do you own a second home that you sometimes use for vacations and sometimes rent out? The IRS wants to know how much time you spend doing both those things, because the answer can affects your federal income taxes.
This column summarizes the federal income tax treatment of vacation homes that are rented out enough during the year to be classified under IRS rules as rental properties rather than personal residences.

READ THE FULL STORY AT MSN.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s