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Rent out vacation home, get tax-free cash

Owners benefit from short-term leasing
Published on Jul 19, 2006

Kathy Turner is one of six siblings -- and it's her turn to host the family reunion. Her Michigan-bred gang will be invading the final two weeks of August, taking in the local landmarks the first week, then gathering at a nearby lake for the second half of the trip. "We have a sort of standing agreement with a few of our lake neighbors to share cabins when big events are on the calendar," Turner said. "We don't charge a fee in return for being able to use one another's place down the road. Most of the time, when you give enough notice, it works out great for everyone." The Turner crowd has grown over the past few years with more of the adult children having children of their own. Because more lake homes were needed, the Turners coaxed four other lake families into renting out their waterfront retreats. These people typically do not rent out their lakefront homes, yet decided to alter that policy for the Turner Family Reunion. If you are wondering about tax reporting, the four families ...

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