Vacation Rental Tax Write-offs
#1
01-19-08, 08:42 AM
Vacation Rental Tax Write-offs
We own a home that we live in for 9 month of the year and then move out and rent to vacationers by the week for 3 months of the year.
Can we write off 3/12 of the property interest payment?
Can we write off 3/12 of the property taxes?
Can we write off the whole property insurance policy if we had to get a special type for this type of business?
How do you write off a home office?
General repairs, maintenance and maintenance supplies ie: paint etc. - Can be totally written off or do we have to take a percentage 3/12? If what was done was to make it more desirable to rent? New roof?
Any other suggestions would be appreciated.
Can we write off 3/12 of the property interest payment?
Can we write off 3/12 of the property taxes?
Can we write off the whole property insurance policy if we had to get a special type for this type of business?
How do you write off a home office?
General repairs, maintenance and maintenance supplies ie: paint etc. - Can be totally written off or do we have to take a percentage 3/12? If what was done was to make it more desirable to rent? New roof?
Any other suggestions would be appreciated.
#3
01-24-08, 01:38 PM
What he said... no one here can answer your questions without detailed information that this site can't support... A quality CPA can answer all your questions and - more than likely - provide you with options to reduce your tax liability considerably more than the cost of that CPA (otherwise, why would people use them?)
I always hated paying $700 - $900 for a CPA - until I realized I would have paid another $3000 - $4000 without them.
I always hated paying $700 - $900 for a CPA - until I realized I would have paid another $3000 - $4000 without them.
