glens-falls 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 â€“ 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 itâ€™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 youâ€™ll get allowable tax deductions. Deductions can include:
Real estate taxes
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 itâ€™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 donâ€™t get into a big rush.
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Pinewood Estates - 55+ New Single Family Homes - South Glens Falls NY
Glens Falls, New York State