Jeffrey Brown
speaker
36 appearances
1 recordings
1 series
first heard Sep 2017
last heard Sep 2017
Jeffrey Brown’s voice in public audio — every appearance, attributed to the second.
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Appearances
There may be local ordinances that affect who you can rent to or who you cannot rent to.
You have to be very careful not to discriminate against people.
That may include you need to look into things like can you bar 20-somethings or teenagers who are coming on spring break, you know, that may not be the kind of household you want to have in your place.
There may be rules that say you can't do that.
There may also be rules from the Homeowners Association, if you're in that kind of community, that say what is the minimum amount of time you can rent?
Is it one night and you can rent through Airbnb?
Or do you have to rent for a minimum of a week or a month or something like that?
And those rules can be crucial, and you can get into big trouble for violating them.
Yeah, there are taxes to worry about at various levels.
You may have local taxes.
There may be a visitor and tourism fee that you have to pay on top of a sales tax, which might be paid to the state.
There could be a city tax as well.
Then there are the federal tax implications that the amount of time you use the property yourself will affect the amount of tax deduction you can take.
for things like your rental income and your expenses.
So you need to probably have a pro look into that and not just rely on the seller to tell you what they've been paying in taxes.
Thank you.
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