There are well over 25,000 overnight accommodations for vacationers in the Smoky Mountain region of East Tennessee. There are hotels and motels, resorts, condos and time-shares, campgrounds, and of course...short-term rental properties like cabins and chalets.
It’s no secret: the short-term vacation rental marketplace is hyper-competitive!
Moving forward, what threats in this market will impact YOUR vacation property’s revenue potential?
There are thousands of places you can invest your pre-tax (and Roth type) retirement savings – from blank CDs and mutual funds to stock/bond-managed portfolios and insurance company annuities. These accounts are typically managed by someone else; you can select the asset class but not the actual holdings, and you only get an annual or quarterly account statement. With trillions of dollars in these accounts, they are obviously popular, but
Unfortunately, we live in a litigious society. Ads for lawyers bombard TV and radio for everything from auto accidents to medical malpractice, but one of thefastest growing areas of personal litigation is hospitality. Owning a short-term vacation rental property can be fun and rewarding; however, as with any business, many things - including taxes, maintenance, guest damages, and customer liability Read More
USING A 1031 EXCHANGE TO BUY A VACATION RENTAL PROPERTY
NOTE: an IRS 1031 Exchange is a complex transaction that may require a local, experienced, and competent attorney and accountant! This article is meant to provide a basic overview of a 1031 exchange and to illustrate a way to sell one property, defer any “gains taxes,” and use 100% of the sale proceeds to purchase another