We bought a 2nd 'vacation' home a few hours drive from our present home. There is no mortgage/interest/points and we have not Itemized in recent years. What should I consider when preparing my 2024 Federal Return?
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Without loan interest etc you are still eligible to deduct the real estate taxes each year if you do end up itemizing in the future. Keep in mind the current cap is $10,000 for the itemized deduction for taxes (ie. state, real estate & sales tax). Also, keep track of eligible improvements which can add to the cost basis if you sell the property in the future.
Unless you are itemizing, there is nothing to enter about the vacation home. If you itemize, you can enter the property tax paid in 2024, subject to the $10K cap for all state and local tax paid in 2024.
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