vacation home

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Vacation Home

A residence other than the owner's primary residence that is used for vacations or other recreational purposes. A vacation home is often rented to tenants during times when the owner is not using it. For example, if a person in Connecticut owns a winter home in Florida, this is a vacation home and may be rented to other persons during the summer. Different tax rules apply for how much interest can be deducted and how much rental income can be declared, depending on how often the owner uses the vacation home, how often it is rented, and how often it is unoccupied.

vacation home

A second home used for recreational purposes. Mortgages for vacation homes generally have higher interest rates than those for primary residences because, if there is any economic difficulty, the property owner is more likely to stop making payments on a vacation home than on a primary residence.Vacation home mortgage interest is deductible the same as for a primary residence, but under current tax law there is a $1,000,000 cap on the amount of debt generating deductible interest.The sale of a principal residence will not result in current income taxes if the gain is less than $250,000 for single persons or $500,000 for married people, but this exclusion does not apply to vacation homes. If the vacation home is used for rental income, there are limitations on your personal usage if you want to deduct rental expenses, including depreciation.
References in periodicals archive ?
More About Orlando Vacation Homes Realty: Terry Pyle founded Orlando Vacation Homes in 1996 and has over 19 years of experience buying, renting and selling.
Additionally, the two organisations are planning joint traveller-focused campaigns, leveraging Dubai's world-class marketing team and HomeAway's global strength in the vacation homes sector.
Forty-six percent of vacation homes purchased last year were in the South (41 percent in 2013), 25 percent in the West (28 percent in 2013), 15 percent in the Northeast (18 percent in 2013) and 14 percent in the Midwest (unchanged from a year ago).
Starmark Vacation Homes is the fastest growing vacation rental company in the Orlando attractions area.
The median price of a vacation home was $195,000 in 2007, down 2.
While many international buyers use vacation homes for just that, the NAR survey sketches a few other motivations for their purchases.
The Rivera court's view on vacation homes has opened the door for practitioners to suggest the application of Sec.
Let's take, for example, a couple who purchases a vacation home for $100,000 that is worth $200,000 at the time of the husband's death.
It is the reason many are now interested in the latest development by the Encore Homes group, a development firm known for offering vacation homes for sale in the successful Encore Club resort at Reunion.
We have always put an emphasis on improving our services to accommodate the preferences of our guests," said All Star Vacation Homes CEO, Steve Trover.
Travel Business Review-October 27, 2010--Tourico Holidays Introduces Vacation Home Rentals(C)2010] ENPublishing - http://www.
Sales also were off almost 29 percent for investment homes, but up just under 5 percent for vacation homes.