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Tax Guy: How the new tax law affects vacation-home owners

If you own a vacation home that you use for both rental and personal purposes, now is a good time to plan how to use it for the rest of this year with tax savings in mind. Here’s what you need to know:

Rented less than 15 days during the year with more than 14 days of personal use

For a vacation home in this category, the tax rules are really simple. You need not report any of the rental income on your Form 1040. However, you cannot deduct expenses directly attributable to the rental period (rental agency fees, cleaning, and so forth).

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