We own a vacation home, no mortgage. It has two units and we rent one by the week to reduce the cost of ownership. At least one of us is there for about six months of the year. The rental season is about three months. Rentals bring in about $12,000 but there also are maintenance costs, utilities, real estate taxes, insurance, etc. I've found a lot about how income taxes are handled on properties exclusively for rental. People tell me that because we stay there for more than a couple of weeks we cannot deduct most things and that for taxes the income must be handled in some "special" way. Can anyone give me some idea how the income should be handled for taxes? I would also be grateful for any links to information. . Ed
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra