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Question on vacation home tax benefits (Texas)
Posted on 3/2/24 at 9:24 am
Posted on 3/2/24 at 9:24 am
We purchased a vacation home this past year. We currently have no intention of renting it out so don’t have an LLC set up (but can set one up). Are there any tax breaks in Texas for a second home? Or any other ways to cut down my personal federal income tax liability with a second home?
This post was edited on 3/2/24 at 9:30 am
Posted on 3/2/24 at 9:46 am to JL
Do you have a cpa? The benefit to renting out is that business expenses can be ran through it. Most states the only tax breaks are on primary residences.
Posted on 3/2/24 at 5:38 pm to JL
Outside of it burning down, it does you no good as just a personal second home.
Posted on 3/2/24 at 6:08 pm to slackster
Thanks, that’s what I understood but wanted to make sure I wasn’t missing anything.
Posted on 3/6/24 at 11:20 pm to JL
So how much do you have to “rent it out” to meet the requirements?
I was thinking about building a camp and AIR BNB ing it out some to defer expenses. Somewhere between 0 & 365 days a year is a threshold I suspect…
I was thinking about building a camp and AIR BNB ing it out some to defer expenses. Somewhere between 0 & 365 days a year is a threshold I suspect…
Posted on 3/7/24 at 5:53 am to JL
I think interest rate deduction on 2nd home as long as mortgages on both homes under 750k in aggregate is deductible (can be prorated).
I think
I think
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