Summertime tax tip – Vacation HomesJuly 17, 2014
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