When it comes to Highlands real estate it should be known that there are tax benefits of owning a vacation home. There are different advantages linked to simply owning a Highlands vacation property for personal use, or owning a vacation home for rental income. Either way, owning a home in Highlands North Carolina has its highlights.
If you own a Highlands vacation home for personal use, with no sights on renting it out, you are entitled to write of the real estate taxes and the mortgage interest paid on the property. An added bonus is that if you did want to rent the home out for a short period of time, you do not need to pay taxes on any income if your property is rented for 14 days or less.
If you own Highlands NC real estate as an investment and rent your home out as a vacation home you have many items that can be written off come tax time. Tax deductible expenses include: taxes, utilities, mortgage interest, housekeeping, repairs, and many of the homes furnishings. A rental home in Highlands can be run like a business.
Highlands NC real estate has a great deal to offer. Contact me today to learn more about the tax advantages of owning a home in our unique area, and let my experience as a Highlands REALTOR® help you get to know our market, what is selling, and where the best bargains are located.
Click here to learn more about the tax advantages that come with owning a vacation home from House Logic.
For more information about Highlands and Cashiers North Carolina, and for access to the HighlandsNC/CashiersNC MLS, contact Meadows Mountain Realty today, 828-526-1717 or email us today at INFO@BHHSMMR.COM.