Tax and Money Tip of the Week:
Rental Property: Know These Tax Rules If Your Average Rental Is Seven Days or Less
June 26, 2019 | No. 439
If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property that you rent for an “average” rental period of seven days or less for the year, you have a property with unique tax attributes. For example, it’s not a rental property under the tax law, but it does produce either taxable income or a tax-deductible loss.
Click Here to read more about these rental property tax rules.
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Mark Vitek, CPA/PFS, CFP®
…until next week