Own a vacation home? Considering buying one/ Wouldn’t it be nice if you can get a tax deduction for your vacation home?
But before you list with one of the popular online rental companies, make sure you know the rules. If you’re not careful, especially when you’re looking at renting out a second home, it can cause you some tax troubles.
The amount of time you personally spend at your second home determines how much tax you might owe on rent, as well as deductions you can claim against the property.
Consider these 4 basic second-home situations: