Category Archives: Vacations

Renting Your Vacation Home

 Courtesy of the Internal Revenue Service Renting Your Vacation Home Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income.

Profit on Vacation Home

Today TaxMama hears from Lucylle in the TaxQuips Forum, with this question. “We want to sell our vacation home in Maine and buy another.  Will we have to pay capital gains tax on it even if we buy another of equal value?”  

Vacation to Orlando

Today TaxMama hears from Shaun in the TaxQuips Forum who wants to write off his vacation. “My son and I are traveling to Florida. I have a property in Jacksonville, FL that I need to check on. Can I fly in and out of Jacksonville to take care of business? Then drive to Orlando for […]