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Vacation Homes

McGuireWoods LLP

Once Removed Episode 21: Passing Down the “Family Cottage” or Other Legacy Property

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As we have discussed on this podcast, legacy planning is not just about transferring money. It’s also about transferring values and relationships. And often the transfer of specific property goes hand-in-hand with the...more

Strafford

[Webinar] Tax Considerations for Foreign Rental Property: Holding Structures, Reporting Rental Income and Expenses, FTCs - March...

Strafford on

This course will discuss the considerations and caveats of U.S. residents owning foreign rental property. Our seasoned panel of international tax experts will explore U.S. and foreign holding structures, residential and...more

Warner Norcross + Judd

Shared Ownership of Family Cottages, Part Three: Creating a Governance Agreement for a Shared Property

In previous blog posts, we have explored whether your family wants to keep the family cottage or vacation property in the family, and the options for the form of ownership you want to use for the next generation. In this...more

ArentFox Schiff

Court Provides Tax Relief For Those With a Second Home in New York

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For years taxpayers who commuted to New York for work while owning a rarely used New York vacation home or pied-a-terre have been surprised to find themselves taxed as New York State and/or City residents. This often meant...more

Buckingham, Doolittle & Burroughs, LLC

Planning for the Family Vacation Home

A family vacation home offers an escape from the stresses of everyday life, and an opportunity for bonding. Parents return to their vacation homes year after year, creating memories with their children and grandchildren. If...more

Blank Rome LLP

Appellate Division Holds That Existence of Vacation Home Not Enough to Establish Statutory Residency in New York

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The Appellate Division recently granted taxpayers an important victory when it overturned the decision of the Tax Appeals Tribunal and held that a New Jersey resident’s vacation home in upstate New York was not enough to...more

Troutman Pepper

NY Supreme Court Rules Taxpayers’ NY Vacation Home Not Permanent Place of Abode

Troutman Pepper on

State personal income tax issues related to residency and domicile, because of their fact-dependent nature, are often the subject of controversy and litigation. Taxpayers have a fresh win in this area to celebrate. The New...more

Rivkin Radler LLP

Statutory Residence in New York: Time to Rethink the “Permanent Place of Abode” Test?

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Escape from New York- According to data released by the IRS earlier this year, the pandemic triggered a “wealth migration” that saw high-tax states like New York lose high-income earners to low-tax jurisdictions such as...more

Shutts & Bowen LLP

When Your Estate Plan Includes Real Property

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Bank accounts, life insurance, investments, furniture, jewelry, art and collectibles are among the many assets to consider when planning your estate. However, your home and other real estate may be among the most valuable and...more

Hinshaw & Culbertson - Lawyers for the...

Florida Bar Advisory Opinion Holds New Jersey Lawyer Working Remotely From Florida Home Does Not Violate Unauthorized Practice of...

Florida State Bar Standing Committee on the Unlicensed Practice of Law Advisory Opinion #2019-4 (August 17, 2020) - Brief Summary - The Florida State Bar Standing Committee on the Unlicensed Practice of Law (Committee)...more

McGlinchey Stafford

NYDFS FAQs Confirm Scope of COVID Mortgage Forbearance Law

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Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

Conn Kavanaugh

How to Own Your Vacation Home

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Do you own a vacation home? If yes, do you own it alone or with others? Are you thinking of buying a vacation home? Will you be inheriting a vacation home? Many of us fall in love with an existing vacation spot or the...more

Foster Garvey PC

Short-Term Rental Update: Short-term rentals continue to gain market share; partnering early in the multifamily development...

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Short-Term Rentals Continue to Gain Market Share - ("Booking Holdings breaks down private accommodation revenues for first time, now at 20% of total," Phocuswire, Feb 27, 2019) Alternative accommodations, including...more

Foodman CPAs & Advisors

Do you own a second home or a vacation home that you rent out?

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Rental income is reportable on a Taxpayer’s tax return. Certain expenses such as mortgage interest, real estate taxes, casualty losses, maintenance, utilities, insurance, and depreciation may be deducted from a Taxpayer’s...more

Adler Pollock & Sheehan P.C.

All in the family: Transferring your vacation home

Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - February/March 2018

In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more

Lowndes

Osceola County Proposes Increased School Impact Fees and Outlines Application Timeline For Avoiding New Mobility Fees

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On January 16, 2018, the Osceola County School Board voted to approve new school impact fees for all residential developments. The proposed ordinance — which has not yet been passed by the Osceola County Board of County...more

Davis Wright Tremaine LLP

Tips for Harmonious Joint Family Ownership of Vacation Properties

With proper planning, owning vacation property with other family members can be a pleasant and even bonding experience. The key is to determine, as early as possible, what the parties expect and desire from the property...more

Foster Garvey PC

OTA & Travel Distribution Update - Sep. 8th, 2017

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This week’s update features a number of traditional “distributor” stories and updates on short-term rentals. We elected not to include a story involving the much-publicized leadership changes at Expedia (and Uber) as I’m sure...more

Foster Garvey PC

OTA & Travel Distribution Update - Feb. 24th, 2017

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This week’s client OTA & Travel Distribution Update for the week ending February 24, 2017 is below. Several interesting OTA stories this week, including an update on another Seattle-based travel distribution company, Utrip....more

Foster Garvey PC

OTA & Travel Distribution Update – Dec. 30th, 2016

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My final client OTA & Travel Distribution Update for 2016 is below. It has been a quite week in the world of distribution. Here’s to a 2017 filled with much success and happiness. Happy New Year....more

Nutter McClennen & Fish LLP

Will Your Estate Plan Preserve the Family Vacation Home?

Now that sunshine and blue skies are upon us, people are opening their summer homes for the season. Happy memories of family vacations and gatherings often motivate parents to seek out ways to preserve their second home for...more

Best Best & Krieger LLP

The Dangers of Idle Property: Squatters Rights in California

Imagine that you live in Colorado, but own a vacation home in California. You love California, but are only able to visit once a year during the summer, while your kids are on vacation from school. Typically you and your...more

Neal, Gerber & Eisenberg LLP

Vacation rental websites create difficult choices for hotels

In just a few years, vacation rental websites have exploded onto the scene, commanding a significant market presence in the hospitality industry and redefining traditional “vacation rentals.” In particular, websites like...more

Tucker Arensberg, P.C.

Family Vacation Home Planning

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Transferring a family vacation home to the next generation without causing family strife takes serious planning. Even if the ultimate decision is to have the children own the property outright and figure out how to make it...more

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