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Old     (jonblarc7)      Join Date: Jul 2006       01-09-2018, 1:19 PM Reply   
At the end of the season last year we made a low ball offer on a camper/lake house at a camp ground/lake community and they accepted. So we bought it, actually stole it!!!!!

Since it's a camper I don't believe I can write the interest off on taxes.

But I do think I could set it up as "RENTAL" to get a little break on taxes and be able to write off future improvements.

I thought is to set it up on Vrbo to have prof that it is a rental. But mainly on "rent" to close friends and family. Family would really stay for free but it might look like they paid us something.


Anybody else have their lake house set up as a rental. Even though you'll be the one using it most of the time.

I know I can only do it for like 5 years be for I need to show a profit.
Old     (jonblarc7)      Join Date: Jul 2006       01-09-2018, 1:27 PM Reply   
Just to show you what I'm working with. The picture of little man it what it's really all about. The resort has a pool with splash pad, putt putt course, RC track, Beach, and two restaurants. Plus built in baby sitters with the in-laws 2 rows behind us.
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Old     (95sn)      Join Date: Sep 2005       01-09-2018, 2:49 PM Reply   
Wouldn't you owe taxes on any income you receive? What tax break are you going to receive by setting up as a rental?
I would rent as much as convenient, under the table to help offset costs. I don't think creating a rental is what you want to do. Things may be different in your area.
Old     (plhorn)      Join Date: Dec 2005       01-09-2018, 3:45 PM Reply   
I can say watch out renting on AirBNB. A buddy of mine rented his house on AirBNB and ended up renting it to the girlfriend of a gangbanger who was looking for a place to have a massive gang party. The rival gang members found out about the party and long story short there ended up being a couple hundred bullet holes in the neighbors houses. (for some reason my buddies house didn't get shot up)
Old     (jonblarc7)      Join Date: Jul 2006       01-09-2018, 5:33 PM Reply   
Yíall are thinking about it wrong. Iím not really renting it, I have a condo I have been renting successfully for 5 years.


It going to be listed like a short term rental like a ski log will say. Then I can write off some of the monthly payment as a loss since I didnít rent it enough to cover it. Then any improvements like we are going to put a roof on the deck to give us better outside living. Could be written off as an upgrade to the rental.

See what Iím saying. Iím just asking somebody that know the tax laws better if they have any insight.
Old     (psudy)      Join Date: Dec 2003       01-10-2018, 6:29 AM Reply   
With it being a titled vehicle, you may run into trouble with trying to deduct it as a rental. If you could, you can write off the interest, taxes, insurance, maintenance and depreciation(if you choose to do so). If its titled, that will throw a wrench into the equation because you still have the land and deck that can be maintained but I believe you can only depreciate the trailer. better check with an accountant on that one.
Old     (srock)      Join Date: Mar 2002       01-10-2018, 8:16 AM Reply   
Yes you can write off taxes and interest as a second home or as expenses if an investment expense. Just as you can a motorhome or boat if it is livable - bathroom, bedroom, kitchen.

Technically speaking, you are restricted on the number of days of personal use per year and yes you can write off expenses and depreciation. Land does not depreciate.

Understand your long term tax exposure. If you got a great deal and depreciate the hell out of it you may owe taxes upon the sale. However knowing trailers it will continue to drop in value and probably not show any long term appreciation like a house. Perhaps you may see a gain in the land value if it's desirable.

Looking at the photos it looks like you can build a permanent structure on it in the future. Enjoy.
Old     (jonblarc7)      Join Date: Jul 2006       01-10-2018, 10:15 AM Reply   
Since we only owe 40K on it, the plan is to put a roof on the deck this year just to get us by. Then pay off the loan in the next 5-6 years. Finally sell off the trailer before it gets to old to get a used RV loan (it's only 2015 and spotless).

Then drop a modular home on the property like most of my neighbors did.
Old     (grant_west)      Join Date: Jun 2005       01-10-2018, 1:52 PM Reply   
Plhorn; Your AirB&B story sounds like a script to a funny Keven Heart movie. LOL dam Roaches got’s to always shoot up the place, sideways glocks and all. LOL Dave Chapell made a funny Air B&B ref in his last Stand up on Netflix

On a serious note, I know 2 people at our lake that Rent their home’s Both people say “if they didn’t have to they wouldn’t”. One guy I know (this was last year) and his business was down so he used the rental of his home to offset the cost but he said that by the time he pays for the Cleaning deposit & the Fees the conunty collects and just the general hassle it’s not a money making venture.


Some places I have seen that are Purchaced for the soul purpose of being a rental, work out great. It’s like they are built to thrash. Linoleum floors, & furniture and fixtures you don’t care about. Basically hose the place out when you’re done, these work as great rentals. But unless your renting to a high end people, with a hefty Securty deposit be prepaird! Personally I think it’s all about your ability to pick the right people to rent to. Example my buddy that has good luck only rents to Family’s. And one more of his tips. Never rent to last min people. He said people that are good renters plan out their vacations months in advance. He said everyone that he rented to at the last min turned out to me a rough group.
Old     (srock)      Join Date: Mar 2002       01-11-2018, 4:15 AM Reply   
I have rented mine but its seasonal (Florida) and I don't mess around with anything less than 2 months. Needless to say it is empty a lot but I do claim it as rental property. I am 240 miles away and there are no management companies in the area so its too much of a hassle for the money. The nice thing is all my stuff is in place and I can go for a long weekend with basically no planning and effort. I could get in my car right now and not pack a thing.

I have found that taking Fridays off work and leaving Thursday night after work gives the perfect amount of time away for the drive. By leaving Thursday after work I am driving when I would be having dinner and relaxing. Come morning I am ready to go and you don't lose half the day in transit. Unlike longer vacations I do not struggle to prepare for a leave, I don't feel the need to check in, and I am not buried when I return. It's the perfect time away and the time with my family is more interactive and different when away from the distractions at my primary residence. You will notice that more as your kid gets a couple years older. Enjoy.
Old     (jonblarc7)      Join Date: Jul 2006       01-11-2018, 6:14 AM Reply   
Thanks Tim

I think you understand it will step it up more as a rental in the eye of the government. But I won't really rent it out but to people we know really well. Plus we plan to be there almost every weekend. It's only 50 mins away from our house.


I have a 3 bedroom condo that I bought right out of college. That I have rented it for 5 years now. It's in a nice neighborhood and on the higher end of the market for around here. I've barely had any problems out of it but its a different kind of rental and I always have people in it. So I don't worry about the government thinking I'm doing something wrong with that one.
Old     (plhorn)      Join Date: Dec 2005       01-11-2018, 11:03 AM Reply   
Quote:
Originally Posted by grant_west View Post
Plhorn; Your AirB&B story sounds like a script to a funny Keven Heart movie. LOL dam Roaches gotís to always shoot up the place, sideways glocks and all. LOL Dave Chapell made a funny Air B&B ref in his last Stand up on Netflix
To make it worse he's looking at a $100K fine from the city and has to lawyer up.
Old     (jonblarc7)      Join Date: Jul 2006       01-11-2018, 11:35 AM Reply   
That just sucks
Old     (jonblarc7)      Join Date: Jul 2006       01-15-2018, 12:29 PM Reply   
After digging around some more looks like I can right off the interest on the loan since the RV counts as a home. It needs to have a permanent bed, bathroom and kitchen to qualify.

But I personal won't be able to deduct that interest because your only allow to deduct it from two houses. I already have my main home and condo I rent and I already deduct the interest from those loans.

On the plus I can deduct the 110.00 monthly association dues, insurance, power, and "REPAIRS".


Just to let anyone know that comes across this thread.

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