Can you write off a vacation home?
Can you write off a vacation home? If you secured financing to buy a vacation rental property, the interest payments might be deductible from your taxes as a business expense. To claim the mortgage interest deduction, you must use the home more than 15 days a year of more than 10% of the number of rented days.
How do I avoid paying taxes on a vacation home?
There are various ways to avoid capital gains taxes on a second home, including renting it out, performing a 1031 exchange, using it as your primary residence, and depreciating your property.