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02/09/2010

Rental Income On Your Second Home Is Tax-Free . . . Sometimes

The goal of owning a vacation home may be to have a place where you can escape the nuisances and worries of daily life...like traffic, work and taxes. But vacation-home owners who are counting on tax deductions to help subsidize summer retreats should take some time each year to reacquaint themselves with the tax rules governing vacation homes.

If you rent out your home no more than 14 days a year, you get a simple break. Any rental income you collect is tax-free � you don�t even have to report the income. In addition to the tax exemption, you�ll be eligible to deduct mortgage interest and property taxes on your second home. But you won�t be eligible for any additional deductions, such as rental-related expenses like utilities, maintenance and depreciation.



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