Virginia Beach Real Estate

Continuing with yesterday's discussion about preparing for tax season, I wanted to spend some time covering issues related to paying taxes on Virginia Beach vacation homes.  Many homeowners in Virginia Beach also own vacation or investment homes in the area - but can these homes truly be claimed as vacation homes? 

This article from RealEstateJournal.com answers this and other important questions, such as:

• When and under what circumstances do I have to pay taxes on rental income?
• What sort of deductions can owners of rental properties take?
• If my vacation home is considered a secondary home (not a rental home), what deductions can I take? 

Once you have determined which category your property qualifies as, the chart below gives you a quick overview of what you should expect during tax season: 

Other helpful links on this topic:

• IRS Publication 527: Residential Rental Property
• IRS Tax Topic 415: Renting Residential and Vacation Property
• IRS Publication 925: Passive Activity and At-Risk Rules

 Also read: The Tax Man Cometh To Virginia Beach-Part 1

To learn more about owning a Virginia Beach vacation home, please call us at 866-222-0158 #550 or visit ButlerTeamHomes.com.  You may also search the MLS for Virginia Beach homes!

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