You must consider the vacation home rules when you rent a bedroom in your home and also use it personally, or rent your beach home (or any other home you own) and also use it personally. Personal Use of the Dwelling Rent or use by relatives. Personal use...
If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property that you rent for an “average” rental period of seven days or less for the year, you have a property with unique tax attributes. Seven days example Say you have a beach...
When you have multiple rental activities, here’s what you need to consider: • Are your rental activities multiple trades or businesses, or one trade or business?• Can you aggregate the rentals for Section 199A purposes? Do you want to?• How does the Section 199A...
The tax-saving strategy is to combine the tax-avoidance advantage of the principal residence gain exclusion break with the tax-deferral advantage of a Section 1031 like-kind exchange. With proper planning, you can accomplish this tax-saving double play with full IRS...
Under the trade or business rule, your rental property profits can create the deduction. And now, under an alternative rule, you can use the newly created IRS safe harbor to make your rentals qualify for the deduction. When you meet the new safe-harbor rules, the IRS...
