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Hello and welcome to our blog, we update this part of our site so our clients and future clients can benefit from material we post. We gather information from legislative material, unpublished and published IRS articles, and from the AICPA regarding changes or updates in accounting, taxes, and business law.

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Vacation Homes and Taxation

Posted by Admin Posted on Aug 08 2014
Many of you already know that dedicated rental house/property revenue is taxable. However, some of you have vacation homes that aren't always occupied during the entirety of the year and may rent it out to some friends, customers, or vacationers. There are certain ways to lower your taxes to rent income on a vacation home and here's how.

First, if you use the property as a home or vacation home which is for personal use (including family and any other owners and their family) then as long as you rent it out for 14 days or less then you do not have to report the rental income.

Second, if you use your home and rent out to others for more than 14 days then you need to divide the expenses out between personal use and rental use. 

There are plenty more laws that govern the way rental properties are taxed and it can get complicated in certain situations so if you have rental properties and aren't sure how to deduct taxes on them, come see us.