I own a home in OK, but live in CA. I occupy the house approx 2 months out of the year. Is this a vacation home? A secondary residence or rental?

Asked by Trishrn, Tulsa, OK Sun May 6, 2012

I live & work in California, paying monthly mortage in OK.

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5
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Wed May 9, 2012
According to the 2009 IRS Schedule E Part I, a home can be considered a vacation/2nd home if you or your family used it for pursonal purposes the greater of 14 days or 10% of the days rented at fair rental value during the course of the year.

The 2011 form reads differently so I'm not sure if they changed the criteria or if it's just a change in the form's layout.

http://www.irs.gov/pub/irs-pdf/f1040se.pdf

You should always verify tax related questions with your accountant.
Web Reference:  http://RobWeber.com
1 vote
Lisa Manley-…, , Tulsa, OK
Tue May 8, 2012
I would check with your accountant, to be sure this is a second home or a vacation home. It isn't a rental if you aren't renting it out to a third party.
0 votes
Joe Tow, Mortgage Broker Or Lender, Tulsa, OK
Sun May 6, 2012
Would be considered a second home.
0 votes
Chris Martin, Agent, Tulsa, OK
Sun May 6, 2012
If you don't rent it out it would likely be considered a vacation or second home. Only your accountant knows for sure.
How and why did you acquire the property?
0 votes
Sally Perez, Agent, Tulsa, OK
Sun May 6, 2012
I would consider it a second residence if it is not in a resort (lake) area of OK. I also was a mortgage broker for 10 years and would have asked that question if you had come to me for a mortgage.
0 votes
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