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 ?
First-time show attendees Grant and Linda Vankerk of Downers Grove, who have a vacation home in Michigan, said they were there for ideas as they looked over items for sale.
Staying in a vacation home would save you time and money in the long run.
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.
Extreme Vacation Homes visits rentals including a Miami castle complete with its own moat; a secluded mountain retreat in northwest Thailand; and a sevenbedroom Caribbean mansion built on the side of a hill.
Starmark Vacation Homes is the fastest growing vacation rental company in the Orlando attractions area.
In 2010, Tourico Holidays launched a vacation home rental program that features real-time inventory and makes it possible to book and confirm reservations online using an interface that is standard in the hotel industry.
Such an outcome may be the norm rather than the exception if a vacation home is simply left to more than one individual.
Turquoise Coast Investment Company allows investors to capitalize on the strong demand for vacation homes in Turkey, which is emerging as one of the fastest growing markets for international buyers seeking either a holiday home or an attractive real estate investment abroad.
Fifty-nine percent of vacation homes purchased in 2007 were detached single-family homes, 29 percent condos, 7 percent townhouses or rowhouses and 5 percent other.
said the market for vacation homes in both towns remains exceptionally strong.
Based on Rivera, there may be circumstances in which vacation homes used more than 14 days or 10% of the days rented qualify as investment property under Sec.