cypress-lakes-retirement-community in Vacation & Second Homes

Vacation | Second Homes

Vacation & second homes are a great way for seniors to enjoy much of their time away from their main home and get away on an extended vacation. Owning a vacation or second home has several lifestyle and financial advantages – savvy seniors are realizing this and investing in them all over the country.

Owning a second home or vacation home may not be as costly as you expect. Many seniors who purchase second homes are able to rent them out during the months they are not there in order to subsidize the costs.

Tax Advantages of a Vacation or Second Home

The tax advantages you receive depend on how many days you personally use the home versus how many days it’s rented out. If you use the home less than 21 days for personal use the IRS considers it a rental property. If you own a vacation home and rent it for less than two weeks you get a tax break because you are not required to report the rental income; it becomes essentially tax free income.

If your second home is classified as a residence, but you end up renting it for more than two weeks you have to report the income, but you’ll get allowable tax deductions. Deductions can include:

Mortgage interest
Maintenance
General upkeep
Utilities
Real estate taxes
Insurance
Depreciation
Miscellaneous expenses

Lifestyle Advantages of a Vacation or Second Home

The lifestyle advantages of a vacation home give you the freedom to move whenever you want to. Most seniors choose to move to their second home to escape harsh winters. Whether it’s a beach side bungalow or a lake side home, you can enjoy a change of environment.

Having your own vacation spot to get away to and spend time with family and friends has great advantages and an obvious appeal. When selecting the perfect vacation or second home, be sure you go into the deal knowing all the ramifications, and whether leasing or buying is right for you. Know your limits and don’t get into a big rush.

Cypress Lakes 55+ Community - Lakeland FL

in Winter Retirement Homes, Master Planned Retirement Subdivisions, Golf Course 55+ Retirement Communities, Affordable Retirement Communities, Manufactured Homes

Welcome home to Cypress Lakes, one of the premier Florida Golf Retirement Communities located in Lakeland, Florida. Our 55+ active community welcomes you to resort living centered around two professional golf courses and a fully-amenitized clubhouse.

10000 US Hwy 98 N
Lakeland, 55+ Communities Florida 33809
US

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