DIY Builds
DIY Builds
Photo: Brett Sayles
Learn about the 14-day rule Under this rule, you don't report any of the rental income you earn from the short-term rental, as long as you: Rent the property for no more than 14 days during the year AND. Use the vacation house yourself 14 days or more during the year.
In terms of fences, the presumption is that fence posts will be placed on the owner's land. This means the owner will usually have the back of the...
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In most areas, building outwards is significantly cheaper than trying to build upward. This is because building upward requires more labor, more...
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Can Water Damage A Refrigerator? Yes, it is certainly possible that water will damage a refrigerator. Usually, flooding or a major leak will wreak...
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Nails that are driven into studs are able to hold anywhere between 20 and 40 pounds depending on the angle of the nail and how far into the wall...
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These are! They guide you every step of the way to complete your dream shed.
Learn More »4. Keep flawless records of rental periods You'll have a much easier time with tax issues on your short-term vacation rental if you treat it as a business from the get-go and keep meticulous records. If you rent out your place for two weeks or less, keep careful track of both rental days and those days you used the residence yourself. If you rent for longer than the 14-day exception period, detail the dates precisely so you can properly divide out personal and business expenses, like mortgage interest. 5. Document all business expenses You are entitled to deduct all “ordinary and necessary” expenses to operate your rental business. Like the "B&B" in Airbnb, think of your rental as a bed-and-breakfast. If you buy new towels for your guests, repaint the guestroom or put a bottle of wine on the table for incoming guests, you can deduct these expenses from your rental income. By keeping clear records and recording all money you spend on the business, you won't have to go back through credit card statements for proof for the IRS. 6. Apportion mortgage interest and taxes if you only rent a room If you rent out a room, rather than the entire house, for over 14 days, you include the income on your taxes and you can take business expenses. However, you can’t deduct 100% of expenses like mortgage interest and property taxes when you are renting 100% of the house. These must be apportioned between personal and business use of your residence. 7. Fill out Form W-9 Taxpayer Identification Number Airbnb, HomeAway, VRBO, FlipKey and similar companies are required to withhold 28% of your rental income if you don't provide them with a W-9 form. In most cases, the tax on your rental income will be less than 28%. There's no reason to let the tax authorities hold your overpayment all year, so file that W-9. Once you do, the rental company can stop withholding from your income, giving you immediate access to the maximum amount of rental income.
Thus, for a 3 foot door or window opening 1 jack studs (trimmer) and 1 king studs at both end are required. How many jack studs for a 4 foot...
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Typically, a full cord will contain somewhere between 600 and 800 pieces of firewood. If the company you purchase from cuts their logs shorter, you...
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8. Deduct the guest-service or host-service fees Airbnb, FlipKey and other short-term rental companies usually charge a percentage fee, called a guest-service fee or a host-service fee that is taken off the top of the rent that guests pay. When these companies send you and the IRS a 1099 form reflecting your house rental earnings for the year, it includes the amount of service fees. If you rented out your home or apartment for more than 14 days in the year, you can and should deduct this fee from your reported rental income. Since 100% of the fee was directly related to the rental use of the property, you can deduct the entire amount paid. 9. Learn about applicable occupancy taxes Some state and local governments impose occupancy taxes on short-term rentals. These vary widely from one jurisdiction to the next, from the name of the tax—hotel tax in some states, transient lodging tax in others—to the rates and rules. In many cases, the host is required to collect the occupancy tax directly from renters and submit the money to the tax authority, but some companies, like Airbnb, collect and submit the taxes in certain cities and states.
Most often, the washing machine is on the left with the dryer to the right for one simple reason — door hinges. The typical dryer is hinged on the...
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Proper Grounding Rod In most cases, pipe or rebar can be used. The grounding rod needs to be made of galvanized steel and also needs to be at least...
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Yes, you can sleep in a garden room but the same rules apply for living in a garden room: you will require the necessary planning permission. 7...
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The Best Metal-to-Wood Glue Overall Best Glue for Metal to Wood: LOCTITE Ultra Gel Control Super Glue. ... Premium Option for Gluing Metal to Wood:...
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