If you own a Highlands vacation home rental make sure to save your receipts for tax time. Rental properties may not have the same tax right-off capabilities as a primary residence but there are some and knowing what they are can help save you some money come April 15. Your accountant should be consulted prior to taking any real estate deductions but there are some basics to keep in mind that will prove helpful.
If you rent your Highlands NC property, whether full time or part time, you can deduct for advertising, maintenance, cleaning, utilities, HOA dues, mortgage interest, and more. Saving these receipts will make claiming your deductions easier. Certainly the opportunity to write off important expenses like repairs is an added bonus associated with renting out Highlands vacation homes.
Contact me, Lynn Kimball, today to learn more about real estate in Highlands NC. I welcome the opportunity to update you on current market conditions while getting you started on your home search. Let my knowledge and experience serve as your guide, helping you locate the perfect Highlands vacation home.
Click here to read “Tax Deductions for Rental Homes” from House Logic.