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| You Can Still Afford Your Vacation Home |
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| Written by Mike Ciucci |
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Although the income must be reported, the owner is eligible to write off a wealth of expenses including maintenance and repairs. Any income from a residence rented less than 14 days a year, does not have to be reported. Those living in an area with a popular annual event such as the Kentucky Derby or Sundance Film Festival, Utah, can cash in, tax free, on a premium rental charge. Sometimes that extra few thousand dollars is all you need to get over the hump. Donate Holiday Time When it's all you can do to pay your mortgage, how can you possibly afford to donate time in your holiday home? Think beyond the initial rent payment, to tax time when you are declaring rental income on your tax return. By donating a few days rental to a charity to be offered as an auction item, you can receive a tax break for the fair market rental value. Websites such as vacationhomesforcharity.org, act as the liason between charities looking for donations and vacation homeowners looking to donate. In the case of a retiree deciding to move permanently into their vacation home, expenses can be higher than anticipated. Those who do not wish to pass on their estate to family, can donate their home with the condition that they remain their until their death. The tax deduction from the donation, can translate into a considerable cash amount to help maintain the home. Question Your Property Taxes With today's declining market, property tax assessments are not always based on current market value. In fact, some are still being based on assessments made during the market peak, a few years ago. Some people hire lawyers to make their case, but most homeowners can simply fill in the tax appeal forms on their local municipality website and appeal the rates. You should have some sort of back-up to support your argument. For instance, selling prices of similar homes in your neighborhood, or the results from a private property appraiser. The reduction in your taxes could be well worth the money spent to hire this type of professional. Mike Ciucci |
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- Fact or fiction? 'Pay or play' leaves some out
- Madoff's Montauk home: Meet the broker