There is always confusion as to how 'useful' the tax advantages are of owning a second and/or vacation home. I found the following article helpful. Go HERE to read more. The key word may be "active'. If you actively manage the property you can deduct up to $25K per year of losses on your second home against earned income. The IRS guide for Vacation homes is IRS Publication 527. Happy reading!
Thursday, November 06, 2008
Tax Advantages of Owning a Second Home
There is always confusion as to how 'useful' the tax advantages are of owning a second and/or vacation home. I found the following article helpful. Go HERE to read more. The key word may be "active'. If you actively manage the property you can deduct up to $25K per year of losses on your second home against earned income. The IRS guide for Vacation homes is IRS Publication 527. Happy reading!
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