No. of Recommendations: 0
Puddinhead,

Multiple people at the Yahoo vacation rental board have been audited by the IRS and told they need to file a schedule C rather than E for their vacation rental. This of course also means needing to pay social security, as it would be qualified as a business.

With the surge of vacation rentals, the IRS seems to be taking notice of the industry as a way to increase revenue. If I were you I would talk to a tax adviser about this before deciding to take the plunge, if tax purposes are a major motivator in the purchase.

HomeAway has also been on the boards a lot. There is a lot of dissatisfaction lately, and they have been losing long term customers. How would you rent it out if you did not advertise there? For most rentals, all it would take is renting it one extra week to pay the fee and take home a bit more. Are you looking to have someone manage it for you? That may be an issue with it being qualified as active.

IP
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement