Tax and Other Aspects of Vacation Homes
Considering a second home? Read the Vacation Home Survival Guide on forbes.com. A couple things to keep in mind that aren’t mentioned are that second home in other states can trigger probate in that state, even possibly additional estate or inheritance taxes. Owning the home in a limited liability company (LLC) or living trust can help avoid probate, and an LLC can help protect your other assets if you rent out the home and are ever sued by a tenant.