Owners are realizing that, in a soft economy, their vacation homes can be a welcome source of extra income. Here’s what you need to know to become a successful landlord.
Photo: Deborah Whitlaw Llewellyn
In addition to deducting your broker’s commission, there are other tax incentives that work to your benefit. If you use your home fewer than 15 days a year (or 10 percent of total rental days, whichever is greater), it is considered a rental-only income property and is eligible for a raft of tax deductions, including utilities, condo fees, housecleaning, and repairs, according to Mark Luscombe, an analyst with CCH, a tax information service.