If before Jim's heart attack, values were EDV=130 ml ESV= 50- ml what is his SV?
(But because it is a personal residence, the interest that doesn't count as a rental expense â 20% in our example â can be deducted as a personal expense.). If you limit personal use to 14 days or 10%, the vacation home is considered a business and up to $25,000 in losses might be deductible each year. That's why lots of vacation homeowners hold down leisure use and spend lots of time maintaining the property. Fix-up days don't count as personal use.
3. You CAN deduct real estate taxes, interest that qualifies as home mortgage interest, and mortgage insurance premiums. Visit the IRS site for the specifics. 4. If you own a condo or co-op, you can enjoy tax deductions similar to those of detached homes.