Ownership has tax advantages when it comes to Highlands vacation homes. The start of a new year has most of us closing out the finances of the previous year and thinking about tax time. Luckily those who own vacation homes in Highlands NC have a few items that are deductible that can come in handy when it is time to file.
Vacation home tax deductions are not quite as easy as those for a primary residence and it is very helpful to keep your receipts, know your usage, and maintain your records in general. If you do not rent your Highlands home out you can deduct your mortgage interest and real estate taxes paid. If you rent your Highlands property out you can deduct expenses as you would for operating a business. Knowing the rules and deductions can help save you some money come April 15th.
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 and help you get to know our unique area at the same time. Let my knowledge and experience serve as your guide to Highlands real estate.
Click here to read “Don’t Miss These Home Tax Deductions” from House Logic.