Canada to Arizona Real Estate Info
Will I have to pay income taxes if I rent out my vacation home?
Many people decide to purchase a vacation home, but think they might rent it out for periods of time when they are not using it. There is no problem with this, you just need to be aware of whether there are any tax ramifications for you. As always, consult with your tax professional for the answers to your specific questions.
If you are getting any income from your property, then you may need to report that for tax purposes. Some key aspects to determine your status are how many days a year you use it for personal use, and how many days it is rented. You will be able to deduct expenses as well, but again that is subject to the time used for each purpose. Please refer to the IRS publications below for more details.
http://www.irs.gov/taxtopics/tc415.html
http://www.irs.gov/publications/p527/index.html
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