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Brilliant Deductions for Vacation Homes
Everything Second Homeowners Need to Know about Saving on Their Taxes
Homeowner's Association
- Dues
- Special assessments (may be amortized under capital improvements)
- Travel expenses to attend meetings
Operating Expenses
- Utility bills, including power, gas, water/sewer, phone, cable/satellite TV service, Internet service, etc.
- Housekeeping expenses
- Expenses incurred to repair damages
- Out-of-pocket payments/deductibles for insurance claims
- Maintenance expenses, including pest control, lawn and garden upkeep, preventive maintenance, etc.
- Extra compensations to renters, housekeepers, maintenance (including holiday gifts/bonuses)
- Linens and linen cleaning services
- Supplies, including paper towels, toilet paper, cleaning supplies, etc.
- Travel expenses to your vacation home to do maintenance (must be well documented)
- Meals while you are in your vacation home on "maintenance trips"
- Property management fees and commissions
- Home office expenses, including computer equipment, furnishings, utility bills, etc., based on the percentage of business use vs. personal use (usually a portion based on the percentage of square footage of your home office – for example, if your home is 2,000 square feet and you have a 200-square-foot home office that you use solely for your vacation rental business, then 10 percent of your household expenses may be tax deductible)
Advertising Expenses
- Your ads on HomeAway.com, VRBO.com, CyberRentals.com or any other Web site or advertising vehicle, including any special offers, extra photos, etc.
- Business cards and other printing costs
- Web site building and hosting expenses
- Photography, virtual tours, copywriting services
Capital Improvements and Amortized Items
