3 Quick Tips to be Regulation Ready By

3 Quick Tips to be Regulation Ready

You want to list your home for rent, exchange, sitting, or sharing, but the landscape of regulations around the world keep changing. We’ve compiled 3 Quick Questions to ask yourself to help ensure your bases are covered.

1- How long is your listing for?

The rules that apply to you are unique to your situation. Generally, regulations will be a function of how long you are listing your home for: is it a short-term or long-term rental? Everyone using SabbaticalHomes.com has the ability to determine how long they’d like to make their listing available.

Local and national regulations should act as a guide for the length of time you decide to let your home. For instance, in some cities short-term rentals are not allowed and you must rent your home for at least one month to be within compliance. Ultimately, you have the choice to classify your listing as a short-term or long-term rental depending on how long you choose to rent it out.

2- What are your local laws and regulations?

It is important to get in touch with your local regulatory board and inquire about the minimum length of time for home rentals. Keep in mind, your city’s regulated time restrictions might not be applicable to home exchanges and/or home sitting and sharing situations.

If you live in the United States, you can use this handy site to find the latest official rules and regulations in your state. Be sure to get in touch with your local housing board for the latest regulation information.

3- Do you owe money/taxes?

Income collected from your rental is taxable and should be included when you file your tax return. SabbaticalHomes.com does not act as an intermediary with any financial handling and will not provide any tax documentation to the IRS or to its users. We don’t collect your financial information. We trust that you will keep good records and seek tax advise from your accountant and/or tax advisor.

 

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