Vacation Homes as Rental Properties

Do you own a vacation home?  If you do and you rent it out, this information is for you!

If you rent out your vacation home 15 days or less (two weeks or less) a year then you may not have to report it at all. Your rental income is considered tax-free and you won’t need to show it on your return.  If it’s over 15 days though, it must be reported using a Schedule E. Make sure to save important documents regarding your vacation home and renting, such as: mortgage interest statements (1098), rent checks, receipts (of any work done, advertising, etc.), and financial statements.

It can be difficult to assess the taxes owed based on how many days you use your vacation home versus how many you rent it out so it is best to have a professional review your documents. At Hark & Associates, PC, we provide high quality service with the highest ethical standards in the business of CPA firms.

Alan Hark, CPA has a vacation home in Lewes, Delaware where he relaxes, rewinds, and restores. With a vacation home in another state, he knows just what our clients are going through with their vacation homes.  Schedule your appointment to talk about your vacation home.

Lewes, Delaware