 Owner of Vacation Home? Owners of Second Home?
If you property is located in tourism area, large sporting event or festivals... you can make some extra money by renting your primary or second home to tourists.
If you rent your home for fourteen days or less in a given year, you don't have to pay any tax on the rental income. You don't even have to report the income to the IRS.
If you rent your vacation home for more than fourteen days, you'll have to report the income on Schedule E when you file your tax return. That's not bad.... because you'll also be permitted to deduct expenses, such as insurance, utilities, property management fees, and depreciation.
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How do you define a short sale? Because technically you don't have a short sale until it comes to closing and there is not enough money to pay off the lender.
For example, a house may be listed for sale at $500,000, and the outstanding loan amount may be $490,000. If the offer is above the loan amount then the property would not qualify as a short sale. There has been an inconsistent definition of a short sale, and what needs to get done is to determine when a short-sale should be disclosed.
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