Monday, August 20, 2012

Vacation Rentals: How to Write Them Off on Your Taxes

by Bonnie Lee
Published by Fox Business

Most rental property owners don’t use their homes for personal use; it’s strictly a business operation and should be reported on Schedule E of the tax return.  However, there are some folks who own a vacation destination property and rent it out when not in personal use, and the tax rules are more complicated and specific.

The rental property doesn’t have to be a standard four-wall dwelling; it can be a boat, a recreational vehicle or even a room in your home.

To read more Click Here

Bonnie Lee owns Taxpertise and is an Enrolled Agent licensed to represent taxpayers from all 50 states at all levels within the Internal Revenue Service.  She is also the author of "Taxpertise: The Complete Book of Dirty Little Secrets and Hidden Deductions for Small Business that the IRS Doesn't Want You To Know".

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