Friends and fans are hurting over the loss of Prince, but his family is heartbroken.. His second ex-wife, Manuela Testolini, is opening up about their relationship. Despite the fact that their marriage didn't last, Prince and Manuela remained very close friends who always kept in touch. Prince and I had a magical journey together and I loved him immensely. The world knew him as a musical genius - I knew him as a husband, friend and fierce philanthropist, Testolini, founder of In a Perfect World Foundation, tells E! News in a statement.
Even if you rent it out for $10,000 a night, you don't have to report the rental income as long as the home was not rented out for more than 14 days. The house is still considered a personal residence, so you can deduct mortgage interest and property taxes under the standard second-home rules. 2. You rent out the property for 15 days or more, and use it for less than 14 days or 10% of days the home was rented.
Investing in a second residence, whether or not it is used as a vacation home, has tax advantages, depending on whether it is treated as personal property, rental property or as a hybrid of both. A second residence may be a house, apartment, condo, stock in a co-op, house trailer, mobile home or even a boat. If a second residence is rented out for fewer than 15 days during the taxable year, it qualifies as personal property, and the taxpayer or his or her family may use it as often as they wish.