Bought a lake house...now what?

[Troy Jaster]

I’m a real estate agent and just bought a vacation home, our first investment property. We plan to use it for ourselves as much as possible and may pull some Airbnb action on occasion. What are some basics that I should know in regards to this first investment property?

[Jonathan R McLaughlin]

I would say make sure you understand the tax situation---not a cpa but if you use it more than 14 days personally  its not classified as an investment property according to the IRS and your expenses, including mortgage interest if you have a loan, aren't deductible. I don't deal with the air b and b things much but I believe that status has tax implications too.