vacation home

(redirected from Vacation property)
Also found in: Dictionary, Thesaurus, Wikipedia.
Related to Vacation property: VRBO

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 ?
If you are looking to purchase a vacation property at a substantial discount to the original pricing offered by the resorts and require funding for a new first mortgage to complete the purchase, please contact Tele Teton Corporation.
Heading to their vacation property means a long drive for most Wisconsin residents.
Only 26 percent of Minnesotans drive more than 200 miles to reach their vacation property compared to 37 percent for Wisconsinites.
Not surprisingly, "the drive" was named the biggest hassle associated with having a vacation property (49 percent).
com and its impact on the private owner vacation property industry, contact Linda Jenkins at 1-819-688-2228 or prop@vacations-abroad.
Cain, an author of two books and numerous articles on the subject, speaks from first-hand knowledge -- he owned vacation property on Kiawah Island, S.
Visitors to MetaCrawler will now be able to directly locate and book the ideal vacation property rental from among a growing list over 30,000 rental units featured on VacationSpot.
ATLANTA -- Whether it's a dream home, vacation property or retirement condo, home buyers this spring face a housing market in which prices are holding steady and interest rates continue to creep upward.
Aetna suggests that policyholders with damaged vacation property take the following steps: -- Contact Aetna or call your insurance agent immediately.
A majority indicate that the value of their vacation property is less than $250,000, including 41% who estimate the value of their property to be less than $100,000.
com reports that the second-home market will continue to thrive in 2006, with baby boomers investing in vacation property they can later pass on to their children.
com best selling author will leverage the company's leading position in vacation property rentals to shape significant improvements in the industry as well as continue her work as an independent author, speaker and analyst.