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Rest Easy: Know the Tax Implications of Renting Your Vacation Home
If you're lucky enough to own a vacation home, or are thinking about investing in one, you should be aware of the tax implications associated with this type of property, particularly if you are planning to rent it at least some of the time. It is also important to note that the IRS definition of a vacation property encompasses not only houses, cottages, and condominiums, but also mobile homes, recreational vehicles, and boats. In addition, remember that you may be obligated to pay state and local taxes on the rental of your vacation property as well as federal taxes.
Sent from Rebecca Parrott Tatum, CPA's iPhone
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