If you are considering purchasing an Okemo Mountain VT vacation home in time for ski season, you may be curious about how you will be taxed on the prospective property.
This article from Smart Money magazine explains how you can purchase a vacation home and afford to pay the taxes on it. In addition to covering timeshares and multiple residences, vacation homeownership is broken down into three main groups for tax-related purposes:
· Use a lot, rent a lot (home is considered a personal residence but income must be accounted for)
· Rent a lot, use a little (home is considered a rental property)
· Use a lot, rent a little (home is considered a personal residence and income does not have to be declared)
If you are thinking of purchasing a Ludlow VT vacation home, please call me at 802-353-1983 or visit ISellVermontRealEstate.com. Or click here to see my current listings!