Have you ever booked your vacation accommodations through vacation property rental sites like AirBnB or HomeAway?
Have you ever considered renting out your property as a vacation rental?
With the growth in the peer-to-peer (P2P) property rental market in the last few years, individuals across the United States are discovering a relatively simple, straight forward new revenue stream — renting out their homes via internet-based property rental companies such as AirBnb, VRBO, Flipkey and HomeAway.
If renting your home as a vacation rental is a tempting proposal, read these important tips before you sign up!
In the United States, people are realizing that they may be able to rent out all or part of their home for up to 14 days per year, tax-free. The income from the two week rental may be a nice bonus, especially if it’s for a property you only use occasionally. To find out if you are able to rent out your property and how to account for related taxes, consult with local property rental laws and a qualified accountant.
If you are considering renting out your place for over two weeks per year, you may be able to deduct direct expenses related to renting out your home, including rental agency, advertising, cleaning, and repair costs. To find out how to structure your rental property lease and taxes, consult your accountant and the property rental company of your choice.
But what about property liability?
Although vacation rental property companies witness few incidents of major property damage, minor scratches and damage to furniture and the interior of the home is common. How can you protect your property and the individuals renting it?
Since 1990, Goldman & Daszkal, P.A. has provided reputable legal representation to people throughout Palm Beach, Broward, and Miami-Dade Counties. The firm has helped thousands of individuals recover compensation from motor vehicle and boating accidents, slip and fall accidents, product defect and liability cases, pharmacy errors, and negligent security cases to cover medical expenses, pay bills, take care of their families, and return to work. Goldman & Daszkal, P.A. can help you get the relief you need to start living your life again after a serious injury. For a free and confidential consultation, contact Goldman & Daszkal, P.A., at (954) 428-9333.
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