rening out a week

I would want to get paid the rental amount before I transfer my week to the tenant. How do you make them feel comfortable with paying upfront

richardg382 wrote:

I would want to get paid the rental amount before I transfer my week to the tenant. How do you make them feel comfortable with paying upfront

What you need is a contract stating the terms of the rental and signed by both you and the renter. You can 'search forums' for a sample rental contract .... you can reword it any way you wish.

perfect Thanks

I am a Canadain, we rent out our couple of weeks in Cabo. Any rent I collect would be taxable for us. Question is I recall being told by the salespeople(ha ha)that there was an amount that we could make before it was taxable. Does anyone know anything about this. Thank you.

You should only be taxable for any amount over what you paid in expenses like maintenance fees and advertisement.

Thanks for the info on the taxes, I figured that was the case, Renting two weeks almost covers the Maintainence. Renting the other two weeks, minus tax still makes some money. May use one of the weeks. We have another time share in Canada that was suppose to be traded in for tCabo, again salespeople say one thing and is not the correct info. So, we still have this one, but did get the credit for it when we bought cabo timeshare. By buying four weeks, you qualified to trade in your other timeshare, and could rent them out for far more than what the truth was. So, now we like so many other people have more weeks than we need and would of never bought more time shares from a resort. Did not know about Redweek at that time. Anyways, moving on, Cabo is a great place and really like PB Sunset Beach.

Hey there, I have a Marriott points based timeshare. I'm renting out a reservation (thru Redweek) and need to know.... Is this reportable as taxable income?

We'd encourage you to ask your accounting professional or accountant if such income is reportable, as such information can vary and we're unable to provide any tax-related information.