Tax Benefits of Owning a Vacation Home? скачать в хорошем качестве

Tax Benefits of Owning a Vacation Home?

Have you ever considered buying the #vacationhome of your dreams? 😴🏡 We all have, and we're faced with the inevitable costs of purchasing and financing the property. However, you can make your dream a reality if you know about the hidden benefits of owning a vacation home. We know that vacation homes offer a luxurious💎 retreat for their owners whenever they want. But what about the tax benefits? If your home is for personal enjoyment, then the tax deduction for state and local taxes are capped at $10k. However, suppose the primary use of the property is for rental revenue. In that case, you're eligible for several deductions, including mortgage interest, utilities, property taxes, insurance, housekeeping, maintenance repairs, and even property management fees! 🤑 You can find options on IRS form Schedule E. Keep in mind that the owner can enjoy rental properties as long as the property is unoccupied and time spent there is kept under the lawful threshold. Further, time spent at the property doing maintenance 👷 and repairs 🔨 does not count as personal use vacation days. Last but not least, there is a method of deferring gains on a property sale for businesses if the proceeds of that sale are used to purchase a new property for commercial use. This is known as a 1031 exchange. Consult a CPA or tax preparer for more detailed information, and watch the video to learn more! https://labate.vip/search-ct-shoreline #realestate #realtor #realestateagent #home #vacationhome #vacation #property #vacationproperty #rent #rentalproperty #propertyfinancing #taxbenefit #irsschedulee #1031exchange #investment #newhome #luxuryhome #dreamhome #dreamcometrue #wrre raveis #williamraveis