I am considering purchasing a second home. What qualifies as a second home?
To determine what qualifies as a second home, some basic amenities must be available. Amenities must include sleeping, cooking, and toilet facilities. Any of following can qualify as a second home:
- Mobile home
- House trailer
- Property similar to the above properties
If you are purchasing the second home to use as a rental property, you may qualify for tax deductions for your expenses. Deductible expenses on your second home may include the following:
If you are planning split use of the property – meaning as a rental property and for personal use – you will have to calculate the amount of time (or number of days) the property is used as a rental and the amount of the time (or number of days) you use the property for your personal use. This calculation will help you determine the portion of your expenses that may qualify for a tax deduction. Only the rental expenses will qualify for a tax deduction. You will need to use Form 1040: Schedule E
Tax preparers can have various designation and specialties. Learn how different types of tax preparers at H&R Block can help you in person or virtually.
Here are the top tax questions our professionals got this year – with answers for you! How can you use this? Read on to get answers from H&R Block.
2017 has beckoned record-topping natural disasters. From wildfires in California to hurricanes throughout the south, the casualty loss tax deduction is a hot topic. Read to learn more.
Are you a K-12 educator? Are your classroom supplies paid out of pocket? This year, get schooled on important teacher tax deductions that may help you save cash when filing taxes.