Running the vacation-home rental tax maze

Article Abstract:

Careful tax planning early in the season is vital to obtain advantages from the tax laws governing deductions for vacation homes. Different rules are applicable for deductions, depending on the duration of rental and private use. Mortgage interest, real estate taxes, and casualty losses greater than a floor of 10% of adjusted income can be deducted for vacation homes that are rented for 14 days or less, but the rental income is not reportable. The rules for property rented for most of the season require that rental income be reported in full and allows a prorated share of all expenses, including depreciation. The owner must report all the rental income when both rental and personal use are more than minimal but may not be able to deduct all operating expenses. The practice of using a vacation home as a tax shelter many no longer be possible.

Analysis, Taxation, Tax planning, Vacation homes

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10 Terrific Vacation Buys

Article Abstract:

People who start planning for their vacations in February usually have a better chance of getting a wonderful vacation at a good price than those people who wait until June. Ten vacation values are outlined, which cover cruises, resorts and auto tours. The trips include a cruise to Alaska, the Grand Teton National Park, a New England Coast cruise, a Hawaiian vacation, and a scenic drive through California up the Pacific Coast; all of which should cost less than twenty-five hundred dollars.

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Brick buys 82 United stores in Canada

Article Abstract:

The Brick Warehouse Corp. of Canada has acquired the Canadian assets of promotional chain United Furniture Warehouse. The strategy to address all major price segments with United at a low end is the acquisition's main objective.

Canada, Acquisitions & mergers, Misc. Fabricated Textile Products, Mergers, acquisitions and divestments, Company acquisition/merger, Home furnishings industry, Brick Warehouse Ltd.

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