Renting out a second home can help defray the cost of owning and maintaining the property. And there may be valuable tax benefits from the rental arrangement as well. At Morey & Associates, an Orange County CPA firm, we understand the tax implications and can help you make the most of renting your vacation property. […]
Archives for April 2018
Is Your Hobby a Business?
Is your activity a business or a hobby? It’s important to know because if the IRS views your activity as a hobby rather than as a business, your tax deductions for business-type expenses are subject to certain limitations. Business Versus Hobby To qualify as a business, an activity must be conducted for the primary purpose […]