Who's The Tax Expert Around Here?

[DDD]

I know that some of our Board members are IRS knowledgeable...I just don't remember who! This is not urgent in any way. I was having a conversation with
easy child yesterday about their second home. In the course of the conversation I asked
about the tax advantages they might enjoy. She's not the business type but she responded that she didn't think they had any extra deductions etc.

Now I am curious. "Back in the day" when I was a Realtor people bought vacation or second homes (X miles away from the primary home) for the tax benefits and their personal pleasure. Is that no longer the case? Anybody know? DDD

 

[LittleDudesMom]

DDD,

it's not too complicated - it's an issue of how many days they use the 2nd property, if it's rented part of the year, etc. Here's two websites that list the tax law in "lay language"!

Sharon


http://life.familyeducation.com/buying-a-house/personal-finance/47225.html
http://turbotax.intuit.com/tax-tools/tax-tips/home-ownership/5416.html

 

[DDD]

Thanks, Sharon. Sorry I didn't remember you were the resident expert. Some days I don't remember much of anything
lately, lol.

I forwarded the sites to easy child. She's an awesome RN but not at all "into" business. Chances are her husband and accountant already know but, just in case, now she'll have the info at her fingertips. Plus it makes me happy when I retreive info from my former life. Thanks. DDD