Earn More From Your Vacation Home
Kiplinger's Personal Finance Adviser for April 2009 reports: "Vacation rentals generally offer better value than resort hotels, so tough times may mean you can squeeze more-not less- money from your second home. The average rental brings in about $30,000 a year, and high-end homes in popular destinations can rake in $150,000. Advertise on vacation rental Web sites, such as HomeAway.com, and in local newspapers and around the office (be sure to include high quality photos). Consider renting out your home during the peak season, when you can collect higher rents, and shifting your own use to less pricey times. If you rent out your home more than 14 days per year, you must report all the income to Uncle Sam, but you can write off expenses to hold down the tax bill."
