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 ?
Bloomberg looked for small pockets of wealth in more than 500 areas across four equally weighted metrics: vacation home stock, share of the workforce employed in real estate and recreation-related industries, home valuations and household income.
Before the TCJA, it was fairly simple to determine which method was best for allocating expenses for personal/rental vacation homes. If taxpayers itemized deductions, the court method usually was more favorable.
Home values in Southern vacation home markets are still 17 percent below the highest point they reached during the housing bubble, while markets with the smallest share of vacation homes are 9 percent more valuable.
Staying in a vacation home would save you time and money in the long run.
Tourico Holidays is a leading global travel distribution company that contracts directly with travel providers, such as hotels, flights, cruise lines, attractions, car rentals, vacation homes and more.
HomeAway and Dubai Tourism will work together to strengthen the vacation homes sector in Dubai by raising awareness of and providing support to the many licensed vacation homes operators in the emirate.
Vacation homes, albeit a new trend restricted to a small number of affluent individuals, have a considerable share in the chunk.
Associa Mexico Realty Services will now manage the company in its operation of offering luxurious vacation home rentals worldwide.
According to the National Association of Realtors' 2011 Investment and Vacation Home Buyers Survey, there are 7.9 million vacation homes in the United States Many people like the idea of going to their own place for weekends and longer stays.
The updated site includes a new layout and look but features the same luxury villas, condos and vacation homes that customers have come to expect from Mexican Destinations over the last 20 years.
Tax credits are available at 30 percent of the cost, with no upper limit, through 2016 (for existing homes and new construction--it does not have to be your "principal residence," vacation homes are eligible, see this FAQ on rentals) for:
The company will invest in vacation homes developments that are currently being planned on the Bodrum Peninsula.