{"id":27008,"date":"2022-03-19T10:35:58","date_gmt":"2022-03-19T10:35:58","guid":{"rendered":"https:\/\/c1mdevsite.com\/braunability.com\/tax-break-tips-for-second-home-owners\/"},"modified":"2022-03-19T10:35:58","modified_gmt":"2022-03-19T10:35:58","slug":"tax-break-tips-for-second-home-owners","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/mdctraining.ca\/tax-break-tips-for-second-home-owners\/","title":{"rendered":"Tax Break Tips for Second Home Owners"},"content":{"rendered":"<div><img decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/c1mdevsite.com\/mdctraining.ca\/wp-content\/uploads\/2022\/03\/pexels-polina-tankilevitch-6927388-768x512-1.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"\" loading=\"lazy\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" srcset=\"https:\/\/c1mdevsite.com\/mdctraining.ca\/wp-content\/uploads\/2022\/03\/pexels-polina-tankilevitch-6927388-768x512-1.jpg 768w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-polina-tankilevitch-6927388-300x200.jpg 300w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-polina-tankilevitch-6927388-1024x683.jpg 1024w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-polina-tankilevitch-6927388-1536x1024.jpg 1536w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-polina-tankilevitch-6927388-2048x1365.jpg 2048w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-polina-tankilevitch-6927388-scaled-e1647605433572.jpg 900w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\"><\/p>\n<p><span data-contrast=\"auto\">Do you own a vacation home, rental property, a condo, or any other kind of second home? If you do, you probably have already realized your taxes are more complex than the average homeowner. Homeownership opens the door to some tax benefits or relief, but it also means more work. Luckily, second home tax breaks and deductions come in many forms, you just have to know how to spot and take advantage of them.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><span data-contrast=\"auto\">In some ways, a\u202f<\/span><a href=\"https:\/\/www.businessinsider.com\/my-cfp-gave-me-3-part-strategy-for-buying-my-second-home\"><span data-contrast=\"auto\">second home<\/span><\/a><span data-contrast=\"auto\">\u202fis taxed similarly to a first home or primary residence. However, the situation can become quite different depending on how you use the residence. Also, the tax situation can be more complicated when you sell your second home than it would be with your primary home.\u202f<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><span data-contrast=\"auto\">For that reason, it\u2019s important to know what you\u2019re getting into beforehand. Talking with a tax professional before you buy could help you avoid surprises later. <\/span><span data-contrast=\"auto\">At Waters Hardy, we work with homeowners every day to ensure they understand their tax obligations as they relate to owning property. Tax planning and compliance are what we specialize in, and second home tax preparation services are within our expertise.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/p>\n<h3><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><b><span data-contrast=\"auto\">Personal Residence Mortgage Interest Deduction<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">If you use your second home property as just that, a second home, rather than renting it out, interest on the mortgage is deductible within the same limits as the interest on the mortgage on your first home.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">For tax years prior to 2018, you can write off 100% of the interest you pay on up to $1.1 million of debt secured by your <\/span><i><span data-contrast=\"auto\">first and second<\/span><\/i><span data-contrast=\"auto\"> homes and used to acquire or improve the properties.\u00a0<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">For binding contracts or loans originated after December 16, 2017, the limit is reduced to $750,000 of debt secured by your <\/span><i><span data-contrast=\"auto\">first and second<\/span><\/i><span data-contrast=\"auto\"> home.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">For loans prior to December 2017, the limit is $1 million ($1.1 million without the $100,000 home equity portion).<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">*Note: The $1 million mortgage interest limit will return in 2025 when the Tax Cuts and Jobs Act of 2017 (TCJA) expires, unless lawmakers act to keep the law in place.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h3><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><b><span data-contrast=\"auto\">Rental Property Mortgage Interest Deduction<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><span data-contrast=\"auto\">If you rent out your second home for part of the year, even just for three weeks, the tax situation could become entirely different.\u202f<\/span><span data-contrast=\"auto\">Renting out a second home means that you\u2019ll need to do a little bit more work with keeping track of expenses and income, but it may not necessarily make your tax bill higher.\u202fThis is where the use of professional accounting services could assist with all of your tax prep needs.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><b><span data-contrast=\"auto\">Second Home Use Variations<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Use often, rent rarely<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">You don\u2019t have to report rental income to the IRS if you rent your home for 14 days or fewer during the tax year. The house is considered a personal residence, so you can\u2019t deduct rental-related expenses. However, you can deduct mortgage interest\u202fand property taxes as you would with any home.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\"> Also, when you sell the property, it will be treated as a personal residence, not an investment property.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true,\"335559685\":720}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Use rarely, rent often<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Because the home is considered a business, you can deduct rental expenses, including mortgage interest, property taxes, insurance costs, property manager fees, utilities, and property <\/span><span data-contrast=\"auto\">depreciation<\/span><span data-contrast=\"auto\">. However, you must report any income from the property as rental income, and that\u202f<\/span><a href=\"https:\/\/www.investopedia.com\/rental-real-estate-taxes-5211939\"><span data-contrast=\"auto\">income will be taxed<\/span><\/a><span data-contrast=\"auto\">\u202fas ordinary income according to your\u202f<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/t\/taxbracket.asp\"><span data-contrast=\"auto\">tax bracket<\/span><\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Use some, rent some<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">This means you can deduct mortgage interest and property taxes as you would with any home, but it\u2019s important to understand tax planning and compliance rules. For example, you can deduct rental expenses, but only up to the level of rental income.\u00a0<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Home Equity Loan Interest Deduction<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><span data-contrast=\"auto\">You can deduct the interest you pay on a home equity loan or home equity line of credit (HELOC) only if you use the money to \u201cbuy, build, or substantially improve your home.\u201d If you use the funds to pay for things like a vacation or college, you can\u2019t deduct the interest.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Property Tax Deduction<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><span data-contrast=\"auto\">Unlike the mortgage interest rule, you can\u202f<\/span><a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/home-ownership\/claiming-property-taxes-on-your-tax-return\/L6cSL1QoB\"><span data-contrast=\"auto\">deduct property taxes<\/span><\/a><span data-contrast=\"auto\">\u202fpaid on any number of homes you own. However, as of 2018, the total of all state and local taxes deducted, including property taxes, is limited to $10,000 per tax return.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Selling Your Second Home<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">The IRS charges a\u202f<\/span><a href=\"https:\/\/www.nationwide.com\/mutual-funds-dividends-and-capital-gains.jsp\"><span data-contrast=\"auto\">capital gains tax<\/span><\/a><span data-contrast=\"auto\">\u202fwhen you sell an asset for more than you paid for it. This means that if your second house has appreciated in value, you\u2019ll have to pay capital gains tax when you sell it.\u00a0<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true,\"335559739\":390}'>\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Making the second home your primary home could potentially lessen the capital gains tax you pay. To do so, you would need to live in the second property for at least two years out of the five years before selling it. This would qualify the property as your primary residence. Also, to be eligible for the exclusion, you must not have taken the capital gains exclusion on the sale of another home during the previous two years.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Second Home Expense Taxes<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><span data-contrast=\"auto\">Many second homeowners are opting to rent their homes, either \u201cflipping\u201d a property or renting out a second home as an Airbnb. While it\u2019s an effective way to generate income, it creates more tax complexity. <\/span><span data-contrast=\"auto\">If your second home is considered an\u202f<\/span><a href=\"https:\/\/www.investopedia.com\/rental-real-estate-taxes-5211939\"><span data-contrast=\"auto\">investment property<\/span><\/a><span data-contrast=\"auto\">, you can deduct expenses related to owning, maintaining, and operating the property, but this can get complicated. Having professional tax planning services in place can help alleviate this complication.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><span data-contrast=\"auto\">Owning a second home can be an\u202f<\/span><a href=\"https:\/\/www.investopedia.com\/mortgage\/real-estate-investing-guide\/\"><span data-contrast=\"auto\">excellent investment<\/span><\/a><span data-contrast=\"auto\">\u202ffor vacation or rental purposes. Further, it could also provide a suitable primary home during retirement. Still, owning any home carries a significant financial burden, from mortgage and tax prep to maintenance and repairs. It\u2019s in your best interest to take into consideration and learn the tax implications for a second homeownership.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><b><span data-contrast=\"auto\">Waters Hardy Can Assist You with Your Homeownership Needs<\/span><\/b><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><span data-contrast=\"auto\">When you own a second home, the process of filing your taxes can be complex and confusing. <\/span><span data-contrast=\"auto\">The safest bet is to seek assistance from trusted tax professionals like the Waters Hardy team. We have the knowledge and experience to help you optimize your tax deduction with your homes. <\/span><\/p>\n<p><a href=\"https:\/\/watershardy.com\/contact-us\/\"><span data-contrast=\"none\">Contact us<\/span><\/a><span data-contrast=\"auto\"> today to speak with a tax professional for clarification or guidance on your property investments.<\/span><span data-ccp-props='{\"335551550\":1,\"335551620\":1,\"335559740\":259}'>\u00a0<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/watershardy.com\/tax-break-tips-for-second-home-owners\/\">Tax Break Tips for Second Home Owners<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/watershardy.com\/\">Waters Hardy and Co. P.C.<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Do you own a vacation home, rental property, a condo, or any other kind of second [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27008","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Break Tips for Second Home Owners - MDC Training<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Break Tips for Second Home Owners - 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