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From monthly archives: October 2017

We are pleased to present below all posts archived in 'October 2017'. If you still can't find what you are looking for, try using the search box.

Sale of Vacation Home: Tax Considerations

What are some tax considerations associated with selling a vacation home? If you sell your vacation home and wish to know the tax consequences, you must first determine whether your residence qualifies as a vacation home in the eyes of the IRS. Assuming that it does, you should know how to treat capital gains and losses. You should also know what to do about closing costs. What is the tax definition of a vacation home? The tax treatment of your additional residence depends on how often the residence is used for personal purposes relative to the amount of time it is used for rental purposes. From a tax perspective, rental properties with personal use by the owner generally fall into one of four categories: Personal residence--Typically, this is a residence that is not rented at all or is rented for fewer than 15 days during the year. If it is your primary place of abode, then it is your principal residence. Vacation home--This is a second residence with a combination of personal and rental use ...

Special Considerations for Building a Home

What is it? Maybe you've searched all over for the perfect home and can't find one that you like. Or perhaps you've always wanted a custom-built house that is suited to your individual tastes. Whatever the reason, you've decided to build a home and may have discovered that it is a bit more complicated than buying one that is already built. How to do it Choose a lot The process begins when you purchase a lot to build on. This may not be as easy as it sounds, though. There's a lot to consider. Location: What type of neighborhood do you want to live in? If you have young children, are there other young families around? If you like the peace and quiet of the country, is the lot in a rural area? Grade: Which way does the lot's surface slope and lie? Does the lot lie lower than those surrounding it? If so, there is a good chance you could have drainage problems as water runs off neighboring properties onto yours. Services: Is the lot hooked up to any municipal services? ...

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