STR/personal use vacation home

2 Replies

Hello, newbie here. We are closing on a summer home that we will be renting out when we are not using it. I’m sure this has been covered a million places but I’m kind of overwhelmed on where to look. My question is, tax wise how does it work? We are planning on using it 4-5 weeks plus some weekends for now and then renting it out as much as we can the other days. I was told that if we rent it less than 10% of days it’s occupied we don’t have to claim it as income but that’s probably not going to happen. Just wondering how this differs from regular rentals tax wise and what we can claim for expenses if we use it personal as well.

Any guidance (books, archived webinars, forums etc) would be helpful.

Thanks!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you