| Short Term Rentals | |
Do you know of anyone planning to go to the Las Vegas Motor Speedway, NASCAR Weekend March 4, 2018? Are they looking for a place to stay? Each year, there are homeowners who rent their home for a big premium because hotels are in short supply and demand for private homes is up. Homeowners go on vacation and make tax-free income while temporary tenants rent their home. Homeowners can benefit from a little known provision in the tax code that does not require taxpayers to recognize the income derived from renting their home for less than 15 days per year. This situation can particularly benefit homeowners where there are large sporting events nearby like golf and tennis tournaments, championship games or other high attendance venues. Now with Las Vegas having the NHL, NFL, WNBA, NRF, LVMS and more, the demand for a private residence can be more attractive than staying in a hotel which makes the price go up. Obviously, there are challenges with personal belongings and damage but getting a premium rental rate and not having to recognize the income could be worth it. You’ll certainly want to discuss this with your tax professional prior to making this decision. You’d probably also want to get some help from an experienced real estate professional.
Call Kim for your Real Estate questions and needs
702-521-3939
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Tuesday, January 9, 2018
