If you own a second home, you have tax strategies to consider. The information below was provided to us from Bradford Tax Institute.
For example, the second home can trigger the tax code vacation home rules and the passive loss rules regardless of its location in the city, in the mountains, or at the beach.
And then if you have both rental and personal use of the home, that home will be either
Then, depending on the type of rental, you may have to report the rental on Schedule C (where it’s subject to selfemployment taxes), or on Schedule E (where it’s exempt from self-employment taxes).
There’s more.
The property could be a business lodging facility deductible against your business income.
As you can see, you have much to consider. And the good news: you will find the answers in this report.
Inside the Free Report
Here’s the table of contents from the free special report:
June 30, 2022 | DWHuff Consulting
Check out our blog for more content to help achieve financial freedom. As we learn new things we frequently share and discuss.We offer something for everyone through various pod casts, blog posts and emails. To get David's Free Newsletter just Click "Get Newsletter" and enter your email address