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Vacation Homes

Vacation Homes:

  1. Rented out for LESS than 15 days per year
    1. Rental income not reported
    2. Interest, taxes, and casualty losses may be deductible
    3. Rental expenses are not deductible
  2. Rented out for MORE than 15 days per year AND personal use is MORE than 14 days per year
    1. Rental income must be reported
    2. Interest, taxes, rental expenses, and casualty losses are deductible up the rental income
  3. Rented out for MORE than 15 days pay year and personal use is LESS than 14 days
    1. Rental income must be reported
    2. All expenses are deductible.
    3. A loss is allowed subject to “passive loss rule”
    4. Please see section on Real Estate Investment Basics for “passive loss rule”

 

 

 

Hossein Tolooee, GRI
 Broker Associate
Residential & Investment Properties
hossein@magnetproperties.net

Prudential Colorado Real Estate
360 S. Monore Street, 5th Floor
Denver, CO 80209
303-756-2999 (Office)
303-484-3758 (fax)
720-273-4113 (Mobile)