Just like the ocean every day, the economic tide is changing. Between the real estate markets, which have strengthened in areas across the country, and favorable interest rates, the idea of owning a vacation home is becoming a reality for many families. There are many tax advantages to owning a vacation home; however first you must determine if your vacation home will be treated as a residence or as a rental property.
Tax Warrior Chronicles
The Howard Hughes Company, LLC, et al. v. Commissioner, (2014) 142 TC No. 20