Tax advantage to having vacation home treated as residence, Taxation

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Tax advantage to having vacation home treated as residence

Response to the following :

1. Vacation Homes

a. What is the tax advantage to having a vacation home treated as a residence?

b. What is the disadvantage to having a vacation home considered a residence?

2. During the year, Carlin Barone (SSN 839-62-1444) rents his vacation home for 90 days and spends 60 days there. The vacation home is a townhome located at 610 Oak St. in Boulder, Colorado 80302. Gross rental income from the property totals $6,000. Carlin's expenses for the property are shown below. Using this information, complete Carlin Barone's Schedule E.

Mortgage interest $3,000

Real estate taxes 1,500

Utilities 800

Maintenance 900

Depreciation 4,000

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Taxation: Tax advantage to having vacation home treated as residence

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Taxation: Tax advantage to having vacation home treated as residence

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