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fa^Real Estate
Eileen M. Day realtor
PERSONAL USE OF
VACATION HOME
Under today’s tax laws, if you are claiming your vacation home as an investment property, you are restricted to personal use of no more than 14 days or 10% of the annual number of days the property is rented. If you exceed this number of “personal use days”, you’ll lose many of the important investment deductions, such as depreciation and utility and maintenance costs.
This 14 day limit of personal use can be extended if the visits are for the purpose of maintenance and upkeep. If this is your case, be sure you can document the fact that you actually did the maintenance work during that extra time period.
In the past, if you brought a relative or friend along, it was automatically considered personal. Now you can bring the whole family, as long as you can prove that you did maintenance work during thfe visit. Since the IRS is always looking for their share of taxes, you must be prudent about the number of visits and the timing. It is doubtful that they’ll buy visits every weekend during the rental season.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 675-3400. We’re here to help.
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