Have you considered buying a second home or vacation home near the shores of Lake Erie? The Erie, PA area is ripe for waterfront properties and vacant lots, which are ideal locations for investing. Read more about the benefits of owning a second home or vacation property.
Income Tax Deductions
If you choose to purchase a second home and forgo renting out the property, you can write off all mortgage interest and property taxes that you pay for the home.
Earn Income by Renting Your Home
Many second homeowners choose to rent out their property during the year to help pay the utility bills on the home. Financially speaking, there are a few rules that apply for second homes in this case:
- Rental income is tax-free if you rent out your property for 14 days or fewer during the year
- Rental income must be reported if you rent out your second home for more than 14 days during the year
- You can deduct rental expenses from your yearly income taxes
TurboTax’s article on buying a second home breaks down these rules further in terms of the financial benefits.
We offer property management services for renting your home. Our experienced real estate agents handle every detail when renting your property, from finding a qualified tenant to handling lease agreements and everything in between. When you work with us, you can expect maximum rental income and minimal expenses.
A Beautiful Getaway in Erie
Presque Isle State Park and Lake Erie are primary attractions in the Erie area, offering swimming, boating, scuba diving, and seasonal hunting options, as well as enjoyable natural spaces.
If you are unfamiliar with Erie, PA, you can read more about “The Gem City” on our website.