Second Homes and Vacation Rentals
Be Sure You Get This Right
Chapters 23 and 24 focused on all of the rules related to rental real estate that is solely dedicated to that purpose. In many cases, however, individuals own real estate that they rent during part of the year and use for personal benefit during another part of the year. In these cases, there are a few additional rules that come into play that determine the expenses that you are allowed to claim as deductions on your tax return. At times these rules can make a significant difference in the tax you will owe, so it is important to understand how they work. It is possible that something as simple as staying one extra day in your rental in a given year could really cost you ...