Vacation Homes Tax Rules - Don't Get Screwed by the IRS

Vacation homes can be a great source of additional income for many people. What better way to make a few extra bucks every year than to rent out a house you can also use? But for many people, the tax rules regarding vacation homes and second homes can be tricky. If you are someone looking to find out more about this, you're in the right place. In this video, we go over some vital information you need to know about filing taxes on vacation homes and second homes. We first get into the differences between a rental property and a second home. We talk about specifics of taxes for investment properties, and then the particulars of taxes for a second home. We go over something knows as the 14-day rule, as well as how and when you are allowed to write off rental
expenses. So, check out this video today for crucial info on taxes for vacation homes!

Jerry Pinkas Real Estate Experts
604 N 27th Ave
Myrtle Beach, SC 29577
843-839-9870

We are real estate brokers and advise you to check with your accountant and tax advisor for more information.
#VacationHomeTaxRules #IRSRulesForRentalProperty #SecondHhomeTaxRules

[blackdragon]

My situation is that i want to buy it for both myself and a family member to ultimately live in (she has her own primary and can spend time there sooner, and I would visit until i can make it my primary residence years down the road). I have been recommended the 2nd home loan by my mortgage broker; there are a lot of rental restrictions -im having a hard time understanding the rules...Is it true she cant occupy it more than 50% of the time? I would want to rent it but I believe it cant be rented more than 50% of the time for the first year, correct? I currently rent a room in a home that is technically my primary residence 200 mi away and will continue to do so but i want her to be able to be there whenever she likes. How does that work from a tax perspective?

[Ethernet]

I’ve heard you can qualify for a vacation (2nd) home mortgage with 10% down and rent out 179 days a year. Is this true?