Month: December 2018

Taxes can quickly become very complicated when you own any kind of income property. How you will use you Breckenridge vacation rental property will impact what kind of tax breaks you can get. It is highly recommended that you hire a tax professional to help you find all of the potential tax breaks and avoid any costly mistakes. You should be aware of the following tax breaks as you make decisions about how to use and rent your vacation home.

14 Day Rule

You may have heard of the 14 day rule, but don’t know what it means. In order to consider a property an income property, and therefore claim deductions as such, you may not use your property for personal use more than 14 days out of the year. That means if you want to spend an entire season at your property, you cannot count it exclusively as a rental property and claim losses. However, you can make proportional deductions. Alternatively, if you rent your property less than 14 days you do not have to classify it as an income property. Avalara points out that days used to perform maintenance on the property are not counted as personal use days. You may be able to extend your vacation as long as you are fixing or upgrading your property.

Mortgage Interest

The new tax code has changed the amount of debt that you can receive a mortgage interest deduction for. Fortunately, this new change does not impact rental properties. If your vacation home is a full time rental property you can deduct all of the interest on the mortgage as a business expense.

Fees

TurboTax reminds vacation rental owners that any fees you pay to services that maintain, advertise, or book your vacation rental can be deducted as business expenses. Some services charge a percentage of your rental, while other require a subscription fee, or flat fee. Keep track of what you pay to advertise and book your home, because it can save you some money in taxes.

Travel

Travel to your vacation rental property can be deducted if it is directly related to renting the property, according to Accounting Today. Mileage for driving to meet a renter, clean the property, or make repairs can be deducted. Keep track of your mileage and a log of what business function you performed while you were there.

Excellent Records

If you are paying income tax on your Breck vacation rental property, the number of deductions continue to go on and on, just as though your are running a business, or are an independent contractor. Meticulous records will be your best friend when is comes to tax time. Be sure to keep track of all the expenses put into your vacation rental, ranging from a bottle of windex to a new heating system. With excellent records, a competent tax professional can help you take advantage of all the potential deductions, while still helping you meet your obligations.

One of the best things about skiing is that the whole family can enjoy it. Even four and five year olds can ride a lift and get down a hill with some practice. Teens love the thrill and adventure of the sport. At Breckenridge you can find a slope that will be satisfying for everyone in your crew. If you want to stick together and check out the slopes, here are a few that are ideal for bigger groups and a wide range of skill levels.

Peak 9

If you are staying in town, Peak 9 is a great place to start out. You can jump on the Quicksilver SuperChair and have access to a variety of green runs. Everyone can pick their own path and easily meet up again at the lift. You can also access two kids Adventure Zones, Haunted Forest and Ripperoo’s Forest. These are like mini-terrain parks that offer challenges that kids can tackle to build their skills and confidence. For a warm-up, start on Frontier or Lower Lehman, but take care because these can be high traffic runs.

Family Zones

Try a family zone to find a place where everyone can move a little slower and take time building their skills without people flying around them. Breckenridge has four designated family zones, two green runs, and two blue runs. Springmeier and Powerline can be accessed from the 5 Chair on Peak 8. When you are ready to challenge the family a little more, Cashier and Bonanza can be accessed on Peak 9. Take advantage of these spaces where skiers will take more care and caution, looking out for one another. This is especially helpful if you have small children with you.

Advanced Family Skiers

For the more advanced family with a few thrill seekers, head over to Peak 6. The Kenosha SuperChair will take you to both blue and black runs. The more confident skiers can try their luck on Intuition or Wonderland, while those who are little more cautious can work down Daydream.

SuperChairs

The Quicksilver SuperChair, Kenosha SuperChair and Independence SuperChair, can all carry up to six people to the top. It is likely that your whole family can fit on one lift and ride together. SuperChairs are great meeting spots, as most runs will lead to one. Even if you take different routes down, you can go up together.

Build Confidence

Remember that it is so important to learn to ski in control. You should always accommodate the lowest skill level in your family and never push someone into terrain they are uncomfortable with. Skiing is more fun for everyone when skiers feel confident and in control. Helping the youngest and least experienced members of your family will set them up to have a lifetime of family skiing fun. Don’t forget that you can also sign up to take a lesson together as a family. This is highly recommended for a family of brand new beginners. With a little planning your family can make unforgettable memories on the ski slope.

Photos by Liam Doran courtesy of Breckenridge Tourism Office