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• W200060600 abstract "For many Americans, the key to affording a vacation home is being able to rent it for part of the year to cover expenses. Still others count on income tax benefits to make a vacation home affordable. But tax laws limit deductions when a vacation home also is used personally. Proper planning, however, can maximize tax benefits and personal enjoyment. The rental expense deduction for property classified as a vacation home has its own Internal Revenue Code section: 280A. However, hobby loss, passive activity and interest expense rules, as well as court cases, also determine allowable vacation home rental deductions. This article explains the rules and focuses on calculating the optimum deductible vacation home rental expenses. RENTAL INCOME AND EXPENSES Income from renting a vacation home usually is includable in a taxpayer's gross income. Individuals can deduct vacation home rental expenses in the following order: * Real estate taxes and interest expense. Real estate taxes generally are deductible, but in certain situations they may be limited by the passive activity loss (PAL) rules. These limitations are discussed later. Interest expense is fully deductible if it is residence interest. Otherwise, only the amount allocated to the rental period is deductible. A loss that includes interest expense also is subject to the passive activity rules. Interest is qualified residence interest if the mortgage is secured by the home and the loan qualifies as acquisition indebtedness or equity financing under IRC section 163(h). A qualified residence is the taxpayer's principal residence and one home the taxpayer does not rent at all (or, if rented, meets the time-period requirement of the definition of a residence under vacation home rules). If a taxpayer has more than one residence, each year a different residence can be designated as the second residence. * Rentabactivity direct expenses. Such expenses reduce gross rental income. They include brokers' fees, listing fees to rent the property, advertising, office supplies and depreciation on office equipment used exclusively-in the property rental. These expenses require no special allocations. * Operating expenses and depreciation and other deductions affecting basis. Operating expenses and depreciation are subject to special limitations. Operating expenses include repairs, maintenance services, insurance and utilities. The allowable portion of operating expenses is determined by the number of days during the year the home is rented divided by the number of days the home is used for all purposes. CATEGORIES PERSONAL USE Personal use of a vacation home falls into four categories, each with separate tax consequences. Understanding the differences between these categories can make the vacation home rules easier for practitioners and their clients to apply. Category 1. The taxpayer does not use the home during the year. No allocation of operating expenses is required and although the vacation home rules do not apply, the PAL rules do. The home is treated as a passive activity like any other rental real estate venture. Category 2. The taxpayer uses the home for 14 days or less during the year or a 10% test is met. The vacation home rules do not apply; however, allocation of operating expenses is required, so the personal portion is not deductible. The PAL rules apply. The 10% test allows the taxpayer to use the home personally for 10% of the total rental days and remain in this category, even if personal use exceeds 14 days. Example: Bart Walker rents his home for 220 days during the year. Walker can use the home himself for up to 22 days and remain in category 2. Any losses are deductible, subject to the PAL limitations. Category 3. The taxpayer uses the home for more than 14 days; personal use also exceeds the 10% test. The taxpayer must allocate operating expenses and the vacation home rules apply. …" @default.
• W200060600 created "2016-06-24" @default.
• W200060600 creator A5024800743 @default.
• W200060600 date "1992-07-01" @default.
• W200060600 modified "2023-09-23" @default.
• W200060600 title "Understanding Vacation Home Rules" @default.
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