Vacations - A Few Notable Quotes

"On vacations: We hit the sunny beaches where we occupy ourselves keeping the sun off our skin, the saltwater off our bodies, and the sand out of our belongings." -Erma Bombeck

"A vacation is having nothing to do and all day to do it in." -Robert Orben

"A vacation is like love - anticipated with pleasure, experienced with discomfort and remembered with nostalgia" -Anonymous

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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!