Personal Finance
20 Days of Real Estate: Days 11 to 15 in Review
Part 15. Make Your Vacation Home Pay for Itself
With savvy planning, some of the costs of owning a vacation home can be significantly offset by renting it for a few months during the year.
- Hiring a professional property management service for a few years can help you advertise and rent the house as you get up to speed on doing it on your own. For a vacation home, this can cost around 30% of your rental income and up to twice that in major resort markets.
- If you rent the property for 15 days of the year or more, you'll need to report your rental income to the IRS.
- If you make a net profit from renting, then any related expenses can be deducted at tax time.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
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