Our latest infographic explains how second home owners can get a two-week vacation from taxes this year.
Contact us today for more information!
Infographic: The first Social Security check in 1940 was for what amount?
Picture this: A two week vacation from taxes
The new tax law has some consequences for second home owners - particularly if they itemize deductions. But one thing hasn't changed. You can rent out your vacation home for up to 14 days each year and don't have to pay taxes on the income.
To qualify for this break:
- You or immediate family members must occupy the home for more than 14 days.
- The home must include sleeping accommodations a bathroom and a kitchen.
- You can't deduct rental-related expenses (as you could if you rented the house for more than two weeks a year).
Other limits and conditions apply. Contact us for more information.