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Updated about 2 years ago on . Most recent reply

User Stats

19
Posts
7
Votes
Ana Brasher
  • New to Real Estate
  • Houston
7
Votes |
19
Posts

Convert vacation home to rental property

Ana Brasher
  • New to Real Estate
  • Houston
Posted

We enjoyed our lake house for many years, but it has been very idle for the last 2 years.  We would like to convert to a rental home and qualify for a 1031 exchange and invest in a rental property in Colorado.  We know some people that are looking for rental (1-2 months) while they are finishing up their home re-modeling.  How do we demonstrate (for taxes) the rental of our home?  

  • Ana Brasher
  • Most Popular Reply

    User Stats

    1,986
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    Marc Winter
    • Real Estate Broker
    • Northeast PA
    2,859
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    Marc Winter
    • Real Estate Broker
    • Northeast PA
    Replied
    Quote from @Ana Brasher:

    Yes, we will sell the lake house property in a few years.  We just want to convert it to a rental now so it can qualify for a 1031 exchange at that time.  How do we demonstrate that it is a rental property?  A listing on AirBnB?  Receipts from rentals?  Thanks!

    Tax returns should do that trick.

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