STR/personal use vacation home

[Tim Griffiths]

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!