As Memorial Day comes and goes, the summer season begins in Wisconsin. Do you have a vacation home in Wisconsin to escape to? If so, or if you are considering buying vacation property in Wisconsin, you’ll find this HouseLogic article on tax deductions for vacation homes of interest. Tax laws vary greatly depending on how often you use the property. Be sure to consult a tax advisor for your specific situation.
A vacation home does not have to be fancy. According to the Houselogic article, An RV or even a boat can qualify as long as they have sleeping, cooking and bathroom facilities. If you bought your home for personal use, you should be able to deduct mortgage interest and property taxes just as you do for your primary residence.
If you rent your vacation home out, different rules apply and the linked article goes into detail. (Again, consult your tax advisor for certain.) Here are some highlights:
- You can rent the home out for up to 14 days a year and not pay taxes on the rental income.
- If you soley rent it out and do not ever personally use it, the property is considered investment property and different rules apply.
Owning vacation property is attractive for many reasons. If owning vacation property in Wisconsin has been on your mind, feel free to search for Wisconsin real estate at firstweber.com. We offer listings almost everywhere in Wisconsin – including listings of cooperating brokers in five MLS systems throughout the state. Whether its moving "Up North"; rural land in the Driftless region; a posh home on Lake Michigan, in the Lake Country or Madison’s major lakes; you’ll find plenty of Wisconsin real estate for sale at firstweber.com.
Enjoy the summer! Please contact First Weber if you need assistance with vacation property in Wisconsin. Thank you for reading the First Weber Wisconsin real estate & Wisconsin living blog about vacation property and potential tax deductions.
Note: A tax advisor must be contacted for your individual situation. This article and the HouseLogic article provide general information not intended to be relied upon by readers as tax or legal advice.
Photo courtesy of Sandy Ebben