Forbes: Tax-Wise Ways To Handle The Second Home Or Vacation Home (February 17, 2021)

Forbes has published an article, “Tax-Wise Ways To Handle The Second Home Or Vacation Home,” which discusses the best way to manage the second home or vacation home so that homeowners don’t incur more taxes. The article begins as follows:

Most owners of second homes leave a lot of money on the table, especially when it’s time to sell the house or pass it on to the next generation of owners.

There are three basic choices for transferring ownership of the second home, but the details of each option are flexible. Most vacation homes and second homes appreciate in value, so I’m going to assume the property has appreciated substantially.

Click here to see full article: “Tax-Wise Ways To Handle The Second Home Or Vacation Home.”

Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.

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