A client solicits tax advice on homestead, vacation homes, and rental income in the preparation of their tax return, discussion help
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A client solicits tax advice on homestead, vacation homes, and rental income in
the preparation of their tax return. The client has a condo in Florida on the
beach where they reside 7 months out of the year. A family home is maintained in
Michigan although Florida is now considered home by the client. During the time
the family is in Michigan the beach condo in Florida is rented. They are not
sure how to proceed based on their rights under the law. Please explain the
options they have and the necessary steps they will need to take in order to be
compliant with the tax law. IN SHORT ANSWER
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