Highlands Vacation Homes Have Tax Benefits
Highlands vacation homes have tax benefits. April is the month when people have taxes on their minds. While the filing deadline has come and gone, whether you filed an extension or your 2016 taxes, you undoubtedly have deductions on your brain. Knowing the deductions related to owning Highlands real estate is helpful, both for now and the future.
Some people may not realize that vacation homes have tax benefits similar to those of primary residences. Like your primary home you can deduct your property taxes and the interest paid on your mortgage if you do not rent the home for more than 14 days a year. If you rent your home out for more that 14 days and use the home for less than 15 days then the home is considered a rental property. In this case you would file expenses with your tax return.
Contact me, Lynn Kimball, today to learn more about Highlands real estate. I welcome the opportunity to update you on current market conditions while offering referrals for local lenders and accountants at the same time. Let my knowledge and experience serve as your guide to Highlands vacation homes.
Click here to read “How Owning a Home Pays Off at Tax Time” from REALTOR Magazine.