The tax law limits write-offs for vacation home rentals if your personal use exceeds the greater of 14 days or 10% of the days the home is rented. In that case, your deductions are limited to the amount of your rental income.
Strategy: Make sure your annual use doesn’t cross the 14-day/10% barrier. For instance, if necessary, you might go home a day early or rent the home an extra week.
If you spend a spring weekend tidying up the place for the coming season, those days don’t count as “personal use” days—even if other family members tag along for other purposes.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/11808/tax-tip-count-your-days-at-a-vacation-home "