There’s Always Something to do in Florida!
Ah, Florida. The land of sand, sun, fun and a dream place for many. Live your dream by considering owning a Florida vacation home.
Even though you are not ready to pick up and leave old New England, you may be ready to spend some winters away from the cold and snowy weather. Not only will you find warm weather, but Florida is famous for its beaches, fishing, historical landmarks such as St. Augustine-the oldest city in the U.S., cultural activities, hundreds of the finest golf courses in the nation and of course Disney World.
There are benefits to owning a vacation home. Besides the obvious benefit of having your own place in Florida to spend the winter months, you will be able to enjoy the holidays without staying in a hotel, and you’ll even have a place to invite family and friends to enjoy the warm Florida sunshine in your home away from home. But, there are other benefits such as tax deductions and rental income.
When you use your vacation home exclusively for personal enjoyment, you can generally deduct your mortgage interest and real estate taxes, as you would on a primary residence. The tax law even allows you to rent out your vacation home for up to 14 days a year without paying taxes on the rental income. [Always consult with a Tax Advisor since laws can change.]
Another benefit is to earn rental income while you are not using it. Rental income can help pay for the mortgage and other expenses. Sounds good, but slow down. Rental income can also come with expenses. Be sure to research all that is involved in renting property including rental income taxes. If you rent your home on a weekly or even weekend basis, you will be paying for extra cleaning services, management services to take care of approving renters and collecting payments-since you’re not close by. You can also count on some repair expenses created by renters who partied too much. In addition, there are many tax rules that apply to property rentals. [Always consult with a Florida Tax Advisor to determine if renting would be beneficial for you.]
For help in finding the perfect Florida Vacation Home, contact these reputable real estate brokers for vacation homes for sale in Florida:
- Remax Realty Partners
- Cape Coral, FL
Call 239-850-0448 or visit http://www.morecapecoral.com/
Jo Ann Martin
- Preferred Real Estate of FL & MA
- Beverly Hills, FL
Call 352-613-2238 or visit http://www.prefm.net/office