With April 15th right around the corner it seems that we are always racking our brains and scrambling to get all the paperwork we need to file our taxes. For those of you that own a second home in the Winter Park area, Grand County (or anywhere for that matter), you know that gathering this paperwork can make doing your taxes even more daunting. For those of you that desire to own a second home, don’t worry it is worth the paperwork, and owning a second home can actually offer some tax benefits! If you have an accountant he/she can guide you in the right direction when documenting this property on your taxes.
There are a few questions that you will need to answer about your second home? These questions include, but of course are not limited to….
Do you have a mortgage?
What are your property taxes?
Have you rented the home out?
Do you use the home and how often?
Kiplinger recently published a great article entitled “Tax Rules for Second Homes”.