An article from USA Today, reports that according to Christine Karpinski, director of the owner community for HomeAway.com, a vacation-rental website, it's not unusual for vacation home buyers to overestimate the amount of time they'll spend at their homes. One option to help keep up with the cost of maintenance is renting out your home. The U.S. tax code also offers generous tax breaks for people who rent their homes. The biggest break comes if you rent your home for 14 days or less in a given year, you don't have to pay any tax on the rental income, according to Bob Scharin, senior tax analyst for Thomson Reuters. He said you don't even have to report the income to the IRS. A great way to market your vacation home as a rental is to use the Internet. More people are using vacation-rental websites to search for a vacation home. Also, be certain to study the rental rates for similar properties.
Renting out your vacation home can have tax advantages
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • May 27 2008 12:39PMComments
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