Short-term rental of your home. ?

Question

We'd like to rent our family home in the CA wine country for a month or 2 while visiting our vacation home. Does anyone have experience with this kind or arrangement? Pro-Cons??

Answer 1

Up to 14 days and it's not reportable income, more than that and it is

you file schedule E on income tax

Answer 2

My biggest fear would be that they would not simply leave after 2 months, you would have to evict them.

Answer 3

Pro:   You get some income.   The house is protected from mischief because someone is living there. You are helping someone who needs a nice place to live.

Con:  You start to cross the line for IRS tax purposes; your personal residence is forgiven on capital gains up to $500,000 when you sell .

You could not be available to check on your renters since you are far away. You might make a bad choice of tenants and wish you had left it empty.