Do you like FREE money?

Have you toyed with the idea of renting out your home on the Outer Banks the times you aren’t there? If so, you’d need to read and follow the rules for rented properties. There are advantages to renting out your vacation home like deducting certain expenses such as mortgage interest, real estate taxes, casualty losses, maintenance, insurance, and depreciation. (please contact your tax preparer or CPA for more details) However, you can still take advantage of renting out your home and be able to KEEP all the rental income, if your home is only rented 14 days out of the year! It’s the … [Read more...]