November 9, 2023

Hello Richard,


Year-end tax planning is a critical component to identifying all of the possible ways to reduce the amount you pay in taxes.

 

Contact us or call 203.933.1679 to arrange a meeting or a Zoom when we can discuss year-end tax planning considerations, including retirement savings, charitable contributions, capital gains and losses, required minimum distributions, gift tax exemptions, cryptocurrency transactions, and other areas of concern and importance to you. 

 

Thank you.

 

Rich Pavano, CPA

Tax Effects of Renting Vacation Home

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year.


The tax effects of renting your vacation home can be complicated. It depends on how many days the home is rented and your level of personal use. Personal use includes vacation use by you, your family members (even if you charge them market rent) and use by nonrelatives if a market rent isn’t charged.


Learn More
Stay Current with the SKP Blog

Here are the most recent posts:


What is the Gift Tax Annual Exclusion?


Taxes and Lottery or Gambling Wins


IRA for Nonworking Spouse


Tax-Free Account for Disability-Related Expenses


Tax Breaks for Nursing Home Living



Take Me to the Blog
Twitter  Linkedin