The Benefits of Short-Term Renting

It’s fall and everything is beautiful, except for that telltale heart beating on under your floor, reminding you of the economic apocalypse. Suze Orman’s been on Oprah, suggesting creative ways to bite the bullet and spend less money. Most blogs are doing the same thing: telling you things you should already know by now.

If you’re already a North Shore resident, it’s possible you might have a vacation home. If you didn’t know it, the North Shore itself is also a beautiful place to be in October. During this time where mini-vacations are replacing those big European vacations, think about renting out your home or your vacation home for a couple of the best weeks of the year. While this tax break isn’t new, it’s not one that many people know about. If you rent your primary or secondary home for less than 14 days of the year, that income is non-taxable (this is one among many smaller breaks for short-term renting).

If someone wants to enjoy your beautiful lakeside Winnetka home, for example, take advantage of the Winnetka Art Walk going on around town this month, and see if some out-of-towners down South would like to see some foliage. I know I would.

I’ve done this with a property on Cape Cod (but they were very, very trustworthy renters) and it was a fantastic way to pay the year’s property taxes, without having to work all that hard. If your home is on the market right now, this could ease the pain during this valiant economic struggle of ours.

130 WHITEBRIDGE Ln
WINNETKA, IL 60093
Price: $1,480,000
Beds: 3 On Redfin: 178 days
Baths: 2.1 Year Built: 1958

292 SHERIDAN Rd
WINNETKA, IL 60093
Price: $1,595,000
Beds: 5 On Redfin: 30 days
Baths: 4.1 Year Built: 1910

756 LINCOLN
WINNETKA, IL 60093
Price: $999,000
Beds: 4 On Redfin: 120 days
Baths: 2.1 Year Built: 1922