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Home About Abaco Photos Where We Are Property Details Fax: 239-472-4449 Phone: 239-472-5388 E-mail address info@latindir.com Artificial Grass For Vacation Properties Assured Tranquility Throughout A Holiday Bad Press Not Oil Threatening Basic Tips For Preparing A Vacation Benefits of Owning Vacation Property Bp Recovery Fund Czar Can You Afford A Vacation Comfort While Holidaying Lies In Arkansas Costa Rica Luxury Vacation Home Costa Rica Vacation Home Rental Dubai Property Management Youre All in One Solution Find The Best And Finest Vacation Finding Vacation Homes For Sale Get The Most From Your Hints To Make Your Holiday How To Lease A Vacation How To Rent Your Beach Vacation Income Tax Issues With Vacation Is an Orlando Florida Vacation Home Kissimmee Vacation Homes in Orlando Luxury Vacation Homes Misconceptions of Renting Your Vacation North Cyprus Vacation Properties Orlando Vacation Home Ownership Orlando Vacation Homes Are Best Property Pitfalls to Avoid When Pros and Cons of Owning Renting A Vacation Home In Maui Renting A Vacation Property Tips Safeguard Your Investment Ensure Selling Property In Morocco Acquire Considerable Specific Tax Implications Associated with Purchasing The Benefits of Having a Vacation The Benefits of Having The Best Ways to Rent The Great Things About The Guide to Searching The Top 7 Reasons Timeshare Value Calculator Tool Evaluates Your Tips For Making Money Tips For Preparing A Vacation Home Tips to Trip Rental Top 3 Time Saving Vacation Vacation Home Rentals Through The Owner Vacation Homes Feel Like Vacation Properties To Get Away Vacation Property 1031 Exchange Guidelines Vacation Property Management Web Tools Vacation Rental Or Holiday Home Advertising Vacation Rentals And Making Memories Vacation homes Australia Key to awesome Vacation homes suitable for the whole What Makes Fractional Shares Different from When Purchasing a Vacation Home Why Listing Your Vacation Why Rent a Luxury Vacation Home Why Stay in an Orlando Vacation Why You Should Consider Renting | Specific Tax Implications Associated with Purchasing a Vacation Home - Real Estate![]() Specific Tax Implications Associated with Purchasing a Vacation Home by Jason Frey in Real Estate (submitted 2010-08-06) The Tax Benefits of Purchasing a Vacation Home in Montana There is no doubt that the United States is filled with incredible opportunities for purchasing second or vacation homes. Localities such as South Lake Tahoe, Myrtle Beach, Daytona Beach and Asheville are among the most popular and desirable places to retire or visit. However, new information is being brought into the light that could point to substantially better buying, selling and living conditions in Montana. Experience the Beauty of Montana Year Round Tax Benefits and Tax Laws Associated with Vacation Homes If you are in the market for a second home, you should be aware of your options as a tax payer. Your second home will be subject to one of a small handful of tax laws, depending on how often you use it or rent it out. The IRS allows second/vacation home owners to make certain deductions in their taxes from their annual tax return including interest, taxes, casualty losses, maintenance, utilities, insurance and depreciation. The U.S Tax Code allows individuals to deduct up to $1 million in mortgage interest on two homes. The rules are complicated but generally, to qualify as a second home by the IRS you must use the rental home at least 14 days of the tax year or ten percent of the time that it was rented to other people at a fair price. Other criteria include stipulations regarding how often you or a renter is present on the property. To qualify as a vacation home, the home must be occupied by: 1. You or any other person who has an interest in it. 2. A member of your family or of a family of any other person who has an interest in it, unless the family member uses it as his or her main home and pays a fair rental price; 3. Anyone under an agreement that lets you use some other dwelling unit; or 4. Anyone at less than fair rental price. (Source: Internal Revenue Service, 2010) Other Incentives to Purchasing a Vacation Home |
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