All Forum Posts by: Tammy Bentley

Thank you everyone for your replies.  The house is in pretty nice shape, but the lakefront is mucky and  full of weeds and saplings.  We have been working on getting permits for a small amount of sand (for the beach area only) apparently not allowed in the water.  It is a nice fishing, kayaking all sports lake, but I think the renters will give us bad reviews because of the lakefront area.   It  has not been kept up in over 10 years, lots of lily pads.  Lots of trees close by our lot too which doesn't help.  I have thought about using AirBnB or VRBO.  We have some minor septic drainage tile to replace, but most of the work needed is in the lakefront area.  

Thank you for the information, it was from an IRA.

My husband and I recently purchases a cottage that we would like to rent weekly.  The cottage does need some repairs and improvements that will probably take 6 months or so to complete.   I am wondering if there are certain restrictions/ requirements for allowing us to claim the expenses/repairs without having rental income for the first 6 to 9 months?  Is there any experts in this area that I could also read their posts?  

Thank you

Thank you for your reply.  It is "B", from an old work place that he retired from.  We would definitely want to use the cottage more than 14 days a year or season.   I can see us being over to work on some improvements and general cleaning a couple days of week also.  Not sure how many weekly rentals we would have the first year.  Is there any other tax write offs without going full time rental?  

My husband and I found a waterfront auction property that we purchased for vacation home/ possible short term rental.  We purchased for 135,000.00 with a 10% buyers premium( SEV 79,900) We  need to pay for within 30 days so we will pull money out of his 401K (He is 62), and then replace within 60 days, as long as the financing is on time, to avoid paying taxes.  I can see where we probably jumped the gun before doing enough research, but we are looking forward to having a place to use, and would like to  rent out a few weeks to help with expenses.  Any advice on how to maximize tax saving and make sure we don't mess this situation up?  Thanks!