Vacation Home Archives - Ross Law Firm Ltd.

Estate Planning for Vacation Homes

08/17/202007/26/2009 by Report from Counsel

Whether it is a palatial estate where Rockefellers and Vanderbilts would feel at home or a rustic cabin in the woods complete with an outhouse, a family vacation home often carries sentimental value that doesn’t show up on financial ledgers. That is all the more reason why owners of such homes should plan for the … Read more

Vacation Home Tax Treatment

08/17/202012/15/2007 by Report from Counsel

An owner of a second home that is both rented out and put to personal use at different times in any given year should bear in mind the considerable differences in income tax liability that flow from how the two types of uses are allocated. Each year, for tax purposes, the home will be considered … Read more