In a recent summertime tax tip, the IRS provides a quick primer on rental income and expenses, with an emphasis on rules for vacation homes.
The amount of income and expenses that can be claimed depend on many factors, including whether the property is used as a home, how many total days the property is rented, and how often the property is used for personal use vs. rented to other people.
Check out the IRS article for more information. The reporting of rental income and expenses can get complicated. If you have any questions, don’t hesitate to give us a call to review the income tax reporting for your vacation rental or second home.