All Forum Posts by: Dan O'Meara

Hey everyone,

I tried to search and couldn't find what I was looking for so I thought I would reach out here to see what other people have done. I recently bought a short term rental with a few other investors.  We are trying to determine a fair way to divide the IRS allowed days of personal use. Since nightly rates can fluctuate a lot, we are trying to avoid losing a lot of revenue on peak days or one partner taking advantage of the highly desirable times.  We have discussed blackout dates for personal use.  We are also looking at a "Credit" system where each partner gets an amount towards personal use. Their share may get two nights during high demand times, or more days during off-peak season (with a day limit for IRS restrictions).

Has anyone else developed a "Fair" system to handle this?

Thanks

Dan O

Thanks!  I will definetely check with my tax advisor

Thanks for the info, this helps.

Basically here is my plan:  I own a lake cabin that I rent out for $1200 a week.  I would purchase an RV (less than 5,000lbs) that I would offer along with the rental for an additional $300 a week.  This would add sleeping capacity for 5 more people along with the 6 the cabin already holds.  I would not rent out the RV unless someone rents the cabin.  

Thanks

Hello,

I currently have five SFH that I rent out full time in Minnesota. I recently purchased a lake cabin (6 Bed) that I intend to VRBO. None of the assets are in an LLC, so I am directly responsible for taxes.

I understand the liability about not having an LLC, and yes I will consult my tax professional before taking action. I am just trying to brainstorm ideas and options.

Here are my questions:

1.  I am thinking of purchasing an RV ($17,000) so I can offer the option of additional bed space.  The RV would be at an extra cost and parked in the yard next to the cabin.  Would this qualify as a deduction for the cabin VRBO, or would it fall under its own RV VRBO tax entity?

2. Would this deduction allow me to offset income earned from the other SFH?

Thanks in advance

Dan