If you itemize tax deductions on your income tax return, you can deduct the mortgage interest and property taxes paid for your vacation home or secondary residence. A boat or RV can qualify as a vacation home or secondary residence if it has sleeping quarters, cooking facilities, and a bathroom. If a vacation home also serves as a part-time rental, you can control your tax deductions by changing the number of days you use it yourself.
Please call the office for any assistance in this matter.
Tags: Secondary residences
Written by: Doug Rodrigues