View Full Version : Vacation Rentals
lillypoo
Mar 4, 2014, 05:42 PM
Me and my husband are thinking about buying a vacation rental in South Carolina. How often can we use the home?
smoothy
Mar 4, 2014, 06:31 PM
If you mean time share... run fast , run far away.
ma0641
Mar 4, 2014, 07:30 PM
This is a home that you plan to rent? You will declare income, taxes etc and then depreciate it. Is this your plan?
ScottGem
Mar 5, 2014, 06:01 AM
You have to define what it is you are buying. As a time share owner, I would advise being very careful if that's what you are buying. Times shares can and do work, but the maintenance costs for many places mitigate the savings you might get. If it is a time share, you can use it for as often as you purchased. With some timeshares you purchase a specific week(s) and those are the times you can use it. Some time shares you purchase points to use for exchanges.
If you are purchasing a specific rental, then how often you can use it would be in the contract.
Fr_Chuck
Mar 5, 2014, 07:04 AM
I agree, watch time shares, people selling them often can not. Some of the places that take donations, require owners to pay them to take the time share off their hands.
AK lawyer
Mar 5, 2014, 07:21 AM
...If you are purchasing a specific rental, then how often you can use it would be in the contract. ...
If they are going to own the property (as opposed to a time-share), they can use it whenever they want, except, of course if they rent it to someone else.
ballengerb1
Mar 5, 2014, 04:56 PM
Are you asking how much you can use a home yourself and still get a tax break?