October 1, 2021
The Mann Report published an article by Tax Partner Stephen Gilman, about vacation homes and Internal Revenue Code Section 280A.
The Mann Report
By Stephen Gilman, Partner, Tax & Business Services
Excerpt:
An expense allocation formula requires the taxpayer to allocate business and personal use based on number of days. This formula does not apply to qualified home mortgage interest, and real estate taxes, which can be deducted as itemized deductions, subject to other limitations. There is a complicated four-tier system of deductions.
