Even though it’s been a few years since I've enjoyed a mid-year getaway, summer is nevertheless synonymous with vacation to me. Here in Michigan, the destination is often “up north;” are you one of those fortunate folks who own vacation rental property? You've probably been reporting your rental income, but managing the tax implications of your rental can be a nuanced process. Use these tips as a refresher on managing your vacation investment property and call us for more personalized guidance.
If your travels up north happen to take you into a casino, or if you decide to recreate closer to home in one of Detroit’s casinos, don't forget to write your losses off against your winnings! As always, the IRS has some insight on this topic.