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Tax & Business News

August Newsletter

August Tidbits

Renting Your Vacation Home

Rental income of your vacation home generally must be reported on your federal income tax return. However, if you rent it for only a short time each year, you may not be required to report the rental income.

If you use your vacation home as a residence and rent it for fewer than 15 days per calendar year, then you do not need to report the rental income. You would itemize the regular deductions of mortgage interest, taxes and casualty losses on your Schedule A. If your personal use is more than 14 days, or more than 10% of the total days it is rented to others, you are considered to be using the property as a residence. For example, if you live in your vacation home for 17 days and rent it 160 days during the year, the property is considered used as a residence and your deductible rental expenses would be limited to the amount of rental income.

Document Noncash Contributions

You must get a receipt for all noncash contributions. The receipt should show the organization information, date of donation and donated items. To calculate the fair market value of used items you can go to websites for Salvation Army, Craigslist and EBay, to name a few. If you donate new items, then the price you paid is the fair market value.

Important Date

Calendar-year corporations  and partnerships on extension are due by September 17th.

Third quarter federal estimated tax payments for individuals, trusts, and calendar-year corporations are due by September 17th.  NH BET estimated payments are also due.

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Comolli & Company, P.C.
45 Stiles Road, Unit 208
Salem, NH 03079
Phone: (603) 898-3322
Fax: (603) 898-6322

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