Monday, October 08, 2012

IRS Pub 527 - A Must-Read For Second Home Owners

If you have, or are considering, a second home that you'd like to rent to summer folks, you've probably wondered what the tax ramifications might be. Well, look no farther than IRS Publication 527. This pub will take you through the requirements for deductions, depreciation, personal use limitations, reporting, and just about anything you can think of.

You'll see what is deductible (a lot!), and what income doesn't need to be reported (yes - there can be some!). I don't recommend reading this just before bedtime or you'll wake up in the morning on the couch, but it should be a part of your planning for tax-time. Get IRS Pub 527 on the Internal Revenue Service website ...  Here.

No comments: