How to keep a vacation home afloat on less money
June 12, 2009 Some people who once used their vacation homes solely for their own enjoyment are now renting them out. Homeowners can hold on to more of that rental income by marketing the property themselves. An effective do-it-yourself Internet campaign can cost less than $500, compared with the 10% to 25% of total rental income that real-estate agents and management companies may charge to find tenants. Renting a property for even one or two weeks can produce found money. Homeowners can rent their property for up to 14 days without reporting the income to the Internal Revenue Service. Some owners run vacation homes like businesses. A lawyer or accountant can determine the most appropriate option for minimizing taxes and liability. These and more tips available from this article on finance.yahoo.com
