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Tax Deduction for "Vacation Home"

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Travel Guy:
If you use the dwelling unit for both rental and personal purposes, you generally must divide your total expenses between the rental use and the personal use based on the number of days used for each purpose. However, you will not be able to deduct your rental expense in excess of the gross rental income limitation (your gross rental income less the rental portion of mortgage interest, real estate taxes, and casualty losses, and rental expenses like realtorsí fees and advertising costs).

For more details, see www.taxhelpadvisor.com/income/renting-residential-and-vacation-property/

Raykirk:

--- Quote from: mc39576 on January 27, 2004, 08:02:34 PM ---From my understanding, a "vacation" home can be claimed as a deduction on your Federal Taxes and it doesn't have to be a "home".  It can be a camp, camper, lot used to vaction, etc.  It can also be "rented" at least 15 days out of the year, and used for personal use at least 1 day out of the year, to claim other deductions, maintenance & depreciations.  Any one have anymore info on this? Might be worth looking into to save some big bucks next year for "frugals" like myself.  Mc39576

--- End quote ---

I certainly agree with you. It was also my explanation in vacation home. However, we need to ask first the accountant for this.

CSinbad:
Ask an acountant or call IRS and ask where that information is in their tax book.  I think you can use repairs and depreciation on your taxes but I would read up on it to be sure.

mc39576:
From my understanding, a "vacation" home can be claimed as a deduction on your Federal Taxes and it doesn't have to be a "home".  It can be a camp, camper, lot used to vaction, etc.  It can also be "rented" at least 15 days out of the year, and used for personal use at least 1 day out of the year, to claim other deductions, maintenance & depreciations.  Any one have anymore info on this? Might be worth looking into to save some big bucks next year for "frugals" like myself.  Mc39576

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