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Brilliant Deductions for Vacation Homes
Everything Second Homeowners Need to Know about Saving on Their Taxes
Other Expenses
- Checking account and credit card account administrative fees (for business purposes only)
- Postage for mailing contracts, directions, security deposits, etc.
- Legal fees
- Delivery of your "vacation rental hometown" newspaper
- Income tax preparation
- Educational expenses – seminar attendance and/or books about renting your vacation home
Second, items such as cameras, cell phones, computers, etc., are generally deductible on a percentage of usage basis. For instance, if you use your computer only for inquiries and bookings, then you would likely be able to deduct 100 percent of the cost of that computer. However, if the computer is also a "family computer," only a portion of the cost would be deductible.
"No one looks forward to tax season," Karpinski says. "And it becomes even less appealing when you have a mountain of documents to locate for your vacation rental. But when you get your income tax return check in the mail – or when you see how much less you have to pay out in taxes based on the deductions you've uncovered – you'll agree that the time and effort are well worth it."
Note: The above is intended as a general guideline and should not be construed as tax advice. Be sure to consult your tax professional.
