Agent

Real estate rentals find tax shelter

Income rules differ for part-time, full-time arrangements

The real estate event of the summer
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As our family watched the television highlights of Meg Mallon winning the recent United States Women's Open golf championship in front of several gorgeous homes in South Hadley, Mass., my mind rolled back to California's Monterey Peninsula some 30 years ago. While attending college in the San Francisco Bay Area, I often visited longtime family friends on the famous 17-Mile Drive between the gorgeous communities of Carmel and Pebble Beach. These folks often rented their home during prestigious golf tournaments, and continued to be stunned by the unsolicited rental amounts offered by corporations seeking cozy getaways for important clients. I wondered if my friends, now long retired, still rented their home – perhaps to executives eager to see Tiger Woods stroll in front of their lawn. The tax-free cash would be difficult to turn down. But you don't have to be a retired resident of an exclusive community to pocket tax-free rental cash. If you are headed out of state to a famil...