We bought a cottage in July '06, we fixed it up and enjoyed it for 2 months... after Labor Day we rented it for 3 months in 2006 for $700/month...
Our full payment (monthly) is $1400. What is the best way to file this in our 2006 taxes? Also, we have it for sale now and should make around $34K (not deducted realtor fees $6000, sales tax, etc.)... what can we deduct as far as our own work hours, realtor fees? THanks-Ken H