Tax Warrior Chronicles

Making the Best Use of a Vacation Home Under Today’s Rules – Part I

Posted on Thu, Jul 30, 2015

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.

Read More

Life Transitions: 10.3 Tax Facts About Selling a Home

Posted on Mon, Oct 06, 2014

Life is full of changes.  Big changes.  Selling one’s home certainly qualifies as one. For many it is among the largest financial transactions they will ever make, and one of biggest assets they will ever own. There are often life transitions, such as marriage, divorce, loss of spouse, or career change that may cause one to sell a home.  And, understandably, because of these layered issues, taxes usually are not at the forefront of thought. The Tax Warriors® would like to share some helpful facts that you should know if you sell your home. 

Read More