"Dual-Residency Dilemma"

"Dual-Residency Dilemma"

• Your clients, Holly and Jim, are considering buying a home.  They have lived in an apartment to save money for two years and want to own their own home.  In addition, they are eyeing a possible purchase of a beach house as a rental property within the next five years. They have come to you for advice about the benefits of home ownership.  Choose a topic from the chapter related to home ownership or owning a rental home and expand on the topic by explaining the rules supporting it. Discuss at least one tax-related advantage of home or rental property ownership that you would share with Holly and Jim.