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Updated 11 months ago on . Most recent reply
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Convert vacation home to rental property
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?
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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!