Florida Vacation Guide

House to declare a holiday or rental housing?

I am a young man living in Washington DC and the housing prices I am forced to rent an apartment here. Since I have a decent salary you really need a mortgage to pay off, so just bought a house in Florida to use as a holiday from "" at home. (Although this is the only house I have, when buying that I had to classify as a "second home" because I would not be living in Florida full time). My question is this, my mother will live in my house on vacation and I get monthly "gifts" to cover expenses. Total of these "gifts" will not exceed $ 12,000 annually IRS cap. Since I am not in the rental business, am I correct to assume that it must treat these gifts as "income" and have to report income (and therefore present a 1040E)? What are the pros and cons of maintaining the house as the house of a "vacation" compared to a rental house? Would it be better treaing this house as a rental instead? By "1040e" I mean "1040 Annex E"

If you rent to his parents in less than the fair value of rental property, while his father stays at home is considered personal use time. If this is true, has no rental property and not use Schedule E. You will not be able to make expenditures in excess of the rent received. In this case, the rent is reported on Line 21 of Form 1040 as other income. You will be deducted from your mortgage and real estate taxes on Schedule A as if it were a second home. If the rent is more than the interest mortgage and taxes, you can deduct the operating expenses of the house that you paid, such as insurance and utilities, on Schedule A as a deduction miscellaneous subject to a 2% AGI floor. Only if there is left after expenses that are deductible depreciation, again at Annex A. If they went to collect rent market, then use Appendix E to calculate your income and expenses. Although you can deduct mortgage interest and property taxes in Annex E, it can take a maximum loss of $ 25K a year if your income is under $ 100K. The allowable loss vanishes when their incomes are above $ 150K. Given you will spend time at home, well, it does not seem to be a beneficial situation for rent. His choice is not treating this as a benefit for rent or to forgo payment for your mother and treat it like a second home.

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