Second-home owners use holiday-let loophole to swerve double tax - The Times
Summary
The Times reports second-home owners are exploiting a holiday-let loophole to avoid paying double tax. This creates an unfair advantage and potential revenue loss. Hosts should review their tax strategies to ensure compliance and avoid penalties.
Key Insights
- •Second-home owners are using a holiday-let loophole to avoid double tax.
Action Items
- ✓Review your current tax strategy to ensure compliance with relevant regulations.Effort: mediumImpact: high
Common Mistakes
- ⚠Failing to comply with tax regulations can lead to penalties and financial losses.
More from Regulations & Compliance
Carson City, Nevada, is refining its short-term rental regulations. City supervisors are currently reviewing and modifying the local ordinance during a retreat. This review aims to address operational aspects, potentially impacting local hosts through new or revised rules, emphasizing compliance.
A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
Curated by Learn STR by GoStudioM