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Summer Tax Tip #8 – Minimize Vacation Home Use

Vacation Home web 300x133 - Summer Tax Tip #8 - Minimize Vacation Home Use

Federal tax law allows you to deduct expenses related to renting out a vacation home to offset the rental income you receive. With summer already underway, you’ve probably worked out a rental schedule for your vacation home, but remember that you can’t deduct a loss if your personal use of the home exceeds the greater of 14 days or 10% of the time the home is rented out. Watch your personal use to ensure you remain below the 14-day or 10% limit.