Vacation Rental Property Accounting Software

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Vacation Rental Partner for Homeowners


Property Management Kit For Dummies (Book & CD)


Property Management Kit For Dummies (Book & CD)


$18.88


Thinking about becoming a landlord? Property Management Kit For Dummies, 2nd Edition gives you proven strategies for establishing and maintaining rental properties, be they single family or multi-resident. You'll see how to prepare and promote your properties, select tenants, handle repairs, avoid costly mistakes and legal snafus — and meet your long-term goals. You’ll learn all the basics of ...

Property Management for Dummies


Property Management for Dummies


$21.99


You'll need to wear many hats in the business of property management: advertiser/promoter (in seeking tenants), host (in showing your property), handyman (in keeping up with and arranging repairs), bookkeeper (in maintaining records), and even counselor (in dealing with tenants and their problems). But Property Management For Dummies will help you maintain your sense of humor – and your sanity â...

Vacation Rental Tracker Plus for Mac [Download]


Vacation Rental Tracker Plus for Mac [Download]


$299.00


Are you having trouble keeping track of which of your vacation rental units are reserved and who still owes you money? Vacation Rental Tracker Plus is an easy-to-use hospitality software program for short term rental properties with which you can: * Keep track of all your rental rooms, assets, reservations, guests, rental income and expenses. * Quickly locate the ideal room for your guest. * Kee...

Vacation Rental Tracker Plus [Download]


Vacation Rental Tracker Plus [Download]


$299.00


Are you having trouble keeping track of which of your vacation rental units are reserved and who still owes you money? Vacation Rental Tracker Plus is an easy-to-use hospitality software program for short term rental properties with which you can: * Keep track of all your rental rooms, assets, reservations, guests, rental income and expenses. * Quickly locate the ideal room for your guest. * Kee...

Quicken Rental Property Manager 2.0 [Old Version]


Quicken Rental Property Manager 2.0 [Old Version]


$99.99


New - Rental property information all in one place:Organize your property information in one placeTwo steps and you're set upIncome and expensetracking for taxes:Save time retrieving financial informationCapture deductions along the wayFlag deductions you're not sure aboutTax Reporting for Schedule EExports to TurboTax SoftwareRent tracking:Instantly see who has and hasn't paid rent thismonth.With...


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Rental Property Personal Use Limits

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rental property personal use limits

Why Use Family Limited Liability Companies?

Copyright (c) 2009 Jeffrey Matsen

Estate Planning experts and professionals often refer to Family Limited Partnerships ("FLPs") and Family Limited Liability Companies ("FLLCs"). Most professionals now utilize FLLCs instead of LPs because FLLCs are less complicated to form and the manager of the FLLC is not personally liable whereas the general partner of a limited partnership is. Because the general partner is personally liable, another liability shielded entity like an LLC or a corporation has to be formed to be the general partner. This is an additional expense, inconvenience and complication that the FLLC avoids. The following explanation helps to understand why the use of Family Limited Liability Companies can be so advantageous.

What is a FLLC? A FLLC can be utilized in your estate plan for making "leveraged" or "discounted" gifts to your children. A FLLC is simply a partnership arrangement between family members. Typically, the FLLC is established by parents or grandparents for purposes of making gifts to junior family members, while allowing the senior family members to maintain full control over the management and investment decisions relating to all of the underlying FLLC property.

How Do You Organize and Set Up a FLLC? To establish a FLLC, the parents would transfer property to the FLLC in exchange for a 100% member interest thereof. Typically, the parents would hold the member interest as Trustees of their Family Trust. The parents in the beginning would be the managers of the FLLC with sole control over the FLLC and its property. At some point in time, the parents would begin gifting a portion of their 100% member interests in the FLLC to their children, but the parents can retain complete control over the day-to-day investment and management decisions relating to the property. The children members do not have to have any voice in the management of the FLLC.

What are the Asset Protection Features of the FLLC? One of the strongest reasons for creating an FLLC for real estate is that the FLLC protects the real estate owner's personal assets from attack by the creditors of the FLLC. The FLLC itself is liable for its debts and claims against it and the asset that it holds, but the owners of the FLLC are not liable for these claims. For example, if you personally own a rental duplex and someone is injured at the duplex and if the injury claim is not covered by insurance either because the insurance amount was insufficient or the claim was excluded from coverage, the person asserting the claim can not only go against the rental property, but all of the owner's other personal and business assets. However, if the duplex is owned by an FLLC, the claim can only be made against the FLLC and the property which the FLLC and the other assets of the owner cannot be attacked. There are also some other asset protection feature to FLLCs which are beyond the scope of this article. We are preparing an article on "Asset Protection Planning and the Use of FLLCs" and reference is made to that article for further explanation of the foregoing.

How Does the FLLC Save Estate Taxes? The FLLC can also be drafted to provide that the children members will not be allowed to transfer their member interests during their lifetime without the consent of the other members. This restriction on the transfer of the member interests will discount the value of the gifted FLLC interest for gift tax purposes by reducing its marketability ("marketability discount"). Because the children members will not have any voice in the management of the FLLC, the value of the gifted FLLC interest will be discounted to reflect this lack of control ("control discount"). Combined, these two discounts are sometimes referred to as the "minority discount" and typically reduce the value of the transferred interest for gift tax purposes by 20%-60% (and the taxes by 10-25% or more), depending on what type of assets are held by the FLLC (a greater discount is typically allowed when the assets held by the FLLC are not readily marketable, e.g., closely-held securities, interests in real estate, etc.).

Senior Family Members Retain Control Over FLLC Property. The parents can maintain control over the FLLC property for as long as they like. This plan can be drafted to make the parents the manager with sole management control over the FLLC. The children can have as much or as little control as the parents want them to.

Does the FLLC Allow Me to Transfer Control to My Children? The FLLC is an ideal vehicle to transfer control of the family business or other property to your children as quickly or as gradually as you wish. Often the first step to developing responsibility in children is to provide them with a small share of the family business or family investment property that will attract and develop their interest. The FLLC is flexible enough to allow you to transfer control and responsibility of the business or investment as you see fit.

Why and When Should I Start Making Gifts to My Children? After the FLLC has been established, your FLLC could be used as part of your estate plan to make "discounted" lifetime gifts to your children. Alternatively, the interest in your FLLC could be held until the first of your deaths, after which time the surviving spouse could then begin making gifts of the FLLC interests to your children. This second use of a FLLC has a double benefit; the survivor will receive a full step-up in basis of the underlying FLLC assets for income tax purposes after the first death, and following the survivor's death the FLLC interest could still be discounted for estate tax purposes.

How Can the FLLC Help Me Make Discounted Lifetime Gifts? If you establish an FLLC and subsequently make lifetime gifts of the FLLC interests to your children, the FLLC interest would entitle your children to all of the economic benefits from their gifted FLLC interest, but without any management authority relating to the FLLC property. Because of the restriction, as discussed above, the FLLC interest has a reduced value. The value of any FLLC interest you give to your children during your lifetime will be removed from your estate for estate tax purposes. Following your death, only the value of any remaining FLLC interest you still own will be includible in your estate for estate tax purposes.

The restriction on transfer referred to above, has an added benefit when the FLLC interests are gifted to your children, since the restriction will provide some protection from a child's judgment creditor (such as a divorced spouse). A child's creditor will not be allowed to reach the underlying FLLC assets to satisfy a judgment, but rather will only be entitled to the child's economic interest in the FLLC - i.e., the right to FLLC distributions, if any.

How Does the Reduced Value Help With Annual Giving? The minority discount of the value of the FLLC interests allows you to effectively make larger annual tax fee gifts. For example, if for gift tax purposes a 40% discount is allowed for the FLLC interest (due to the minority discount), you could transfer FLLC interests representing up to $20,000 in "underlying" FLLC assets without exceeding your annual gift tax exclusion of $12,000 per donee ($20,000 X 60% = $12,000). Under current law, your annual gift tax exclusion allows you to transfer up to $12,000 per year to each individual without such transfer being subject to gift tax; together you and your spouse can transfer up to $24,000 per year (in the above example, your combined annual gift tax exclusions would allow for a transfer of $40,000 in "pre-discount" FLLC interests). As can be seen by this example, the discount associated with your gifted FLLC interests will allow you to transfer a greater amount of "underlying" FLLC assets, without exceeding the amount of your annual exclusions from gift tax.

Continuing this example, if you wish to use your unified credit to shelter the gift tax on FLLC interests in excess of your annual exclusion amount, $1,666,667 in FLLC interests could be transferred without exceeding the $1,000,000 amount sheltered from tax by your unified credit ($1,666,667 X 60 = $1,000,000). Under current law, your unified credit will shelter the first $1,000,000 of transferred assets (whether during your lifetime) from gift tax. If both you and your spouse wish to use your unified credits to transfer FLLC interests to your children, using the above example of a 40% discount in the value of the FLLC interests, up to $3,333,334 in underlying FLLC assets could be transferred without paying any gift tax ($3,333,334 X 60% = $2,000,000).

We trust that the foregoing explanation will assist you in better understanding the Family Limited Liability Company ("FLLC") as a vehicle in your estate and tax planning.

About the Author

Jeffrey R. Matsen of Wealth Strategies Counsel helps his clients structure their business and personal assets in the best way possible to preserve, protect, and transfer them in the most efficient and tax saving manner. For more information go to ==> http://www.wealthstrategiescounsel.com

Rental Property in Greece NY $1395/month 2 BRs, 1 full BA


TurboTax Deluxe Federal + e-File + State 2010 - [Old Version]


TurboTax Deluxe Federal + e-File + State 2010 - [Old Version]


$5.75


TurboTax Deluxe was designed to make it easy for you to get the biggest tax refund possible, checking for accuracy and uncovering 350+ deductions and credits. Includes free Federal Efile and TurboTax State for completing your state taxes. Everything you need to do your taxes with ease. Finds All Tax Deductions and Credits You Deserve to Get Your Biggest Refund Maximizes Your Tax Deductions ...


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Vacation Rental Property Rules

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vacation rental property rules

Vacation Rentals - Part II - the Highs & Lows of Self-management

To self-manage or not to self-manage; this will be your first big decision as a property owner. Enlisting the help of a property management company can save you considerable time and worry. They deal with all aspects of renting, including greeting the guests, kicking them out (if necessary), repairs, cleaning, etc. In the event of an emergency, they can be minutes away. This service comes with a price, which is typically 10 to 20 percent of the gross rental income, sometimes higher; and that can deplete your mortgage paying cash flow. They do offer various packages where you can select to pay only for certain services.

If you don't have the time to handle the issues that will inevitably arise, or the ability to arrange sudden trips to deal with unexpected problems, then the peace of mind gained from using a property management company may be for you. You'll need to consider the following information when making your decision.

Protect your investment: An effective property owner protects their investment. This means you need to take responsibility and be involved in every aspect of the rental.

Keep your receipts: This is a business, after all; keep all your receipts associated with the trip and the purchase. Meet with your accountant to discuss your tax strategy.

Educate yourself: Learn about the Fair Housing Laws in the district of your rental; a violation of the rules could result in a fine as high as $25,000.

It is a rental, after all: Don't get too personal with your rental; your favorite colors may not be as well received by the average tenant. You may need to tone down your decorating style.

Read a book: There are numerous books written on the subject of managing vacation rentals, such as How to Rent Vacation Properties by Owner: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment, by Christine Hrib Karpinski. She discusses how you can cut out the middleman and be successful at self-management.

Be prepared: Make certain you set aside a nest egg in the event of sudden repairs or a season of low rentals. As Karpinski mentions in her book, aim for the magic "17 weeks". You can break even on the cost of your property, if your monthly mortgage payment is no more than one peak week rental and you are able to rent about 17 weeks per year. There are about 12 peak weeks in a rental year, and if you can rent these 12 weeks; the revenue will pay your mortgage for one year. If you have five additional off-week rentals; you will be able to cover additional costs such as phone, power, cable and condo fees.

Keep it Personal: Apart from the financial savings, cutting out the property manager allows you to remain closer to the renter. By making the effort to speak to each renter; you get the opportunity to create a personal relationship with them. Suddenly, they aren't renting a unit from a nameless landlord, and this condo becomes someone's home that they have a responsibility to look after. This simple action goes a long way to alleviate unnecessary damage as well as increasing the possibility of a repeat customer.

Can I bring Fido?: Vacation properties that accept pets increase their occupancy by 10 to 50 percent, and it also provides an additional method of beefing up your rentals during the off-seasons. Although pets do increase cleaning costs, it is customary to charge an additional $20-$25/night, which would easily cover the cost of having the carpet cleaned when they leave.

Look for shortcuts: Signing on with a property management company may give you peace of mind, but you don't need to use them for all your services. Find out where you can cut corners, such as hiring your own cleaning help. During the next visit to your rental, Karpinski suggests speaking to some of the maids cleaning nearby rooms; perhaps they add your unit to their cleaning schedule.

About the Author

Reach your market! National Rental Properties provides listings for real estate owners and managers with property rentals. The site is free to use, whether you're looking for a house rental or placing an ad online.

Vacation Renting 101: 7 Steps for Getting Started


Property Management for Dummies


Property Management for Dummies


$21.99


You'll need to wear many hats in the business of property management: advertiser/promoter (in seeking tenants), host (in showing your property), handyman (in keeping up with and arranging repairs), bookkeeper (in maintaining records), and even counselor (in dealing with tenants and their problems). But Property Management For Dummies will help you maintain your sense of humor – and your sanity â...

How To Rent Vacation Properties By Owner: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment


How To Rent Vacation Properties By Owner: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment


$20.99


Author and speaker Christine Hrib Karpinski takes readers through all the steps necessary to purchase and rent out a vacation home. This book contains practical, hands-on advice that shows the reader how to do it without property management companies, and keep 100 percent of the profits. It offers realistic strategies to create a situation in which renters pay the mortgage, while still allowing th...

Breaking all the Rules: How to Rent Your Vacation Home in ANY Market includes Welcome Book


Breaking all the Rules: How to Rent Your Vacation Home in ANY Market includes Welcome Book



SECOND EDITION Also includes Welcome Book: Each chapter in this expanded handbook has been updated along with three new chapters. Frequently asked questions are answered and integrated throughout chapters. Marie Ferguson shows you how to convert your second home into a successful vacation rental. She will teach you how to simplify the process of becoming an efficient and affective property manager...


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Rental Property Great Yarmouth

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Hello From Nova Scotia - Part 2 - Acadian History At The Grand Pré National Historic Site

It's always exciting to arrive in a new city. I like arriving at night, so the suspense of this new place stretches into the next morning. After a late arrival via Westjet at about 11:30 last night at the Halifax Airport, I picked up my rental car at the Thrifty Counter from a very friendly customer service representative on duty who inquired whether he was going to be mentioned in my Nova Scotia travel experiences - so here you go, this is a little shout-out to the friendly young man working the late shift at Thrifty's who gave me my first welcome in Nova Scotia.

I then checked into the nearby Hilton Garden Inn for a brief, but hopefully effective night of rest. Early this morning I got into my rental car and on my way to my first destination: the Grand Pré National Historic Site which commemorates the lifestyle and expulsion of the Acadians, original French settlers that came to this area in the 1600s. I first drove south from the airport to locate Highway 101 and after several unsuccessful attempts to find the right exit I finally linked up with the big highway that connects Halifax with Nova Scotia's western shore. The interior of the peninsula is made up of gently rolling forested hills and as you reach the northern shoreline, the land flattens out into tidal mudflats. Windsor, Hantsport and Wolfville are the major local settlements and the main body of water, the Minas Basin, features the highest tides on earth.

Less than an hour and a half after my departure I reached the Grand Pré, French for "large meadow" where I met Victor Tétrault, Executive Director of the Société Promotion Grand-Pré, who filled me in on the history of this site. The Grand Pré is an ancient settlement of the Acadians, descendants of the original French settlers in north-eastern North America. Acadians originally settled the areas around Nova Scotia, New Brunswick and Prince Edward Island in the 1600s and are culturally distinct from the French immigrants that settled in Quebec. The earliest Acadian settlement took place in Port Royal, less than two hours west of the Grand Pré, in 1604.

Acadians were astute farmers and through an ingenious system of dykes they managed to reclaim large tracts of land from the ocean. Victor explained that studies have shown that many farming communities of this era were really based on subsistence farming, where the average wealth base was "one unit of livestock" per person . The Acadians were rather wealthy since their average wealth per person was estimated at 8 to 9 units of livestock. They generated more agricultural products than they needed for their own consumption and started trading their surpluses with surrounding communities.

The Acadian settlers were also a peaceful group and got along well with the local Mi'kmaq Indians, even learning their time-honoured fishing and hunting techniques. The Mi'kmaq had developed a fishing technique that involved a network of criss-crossed stakes that would be set up in the tidal flats during low tide and when the water levels rose, this mesh of wooden sticks would simply trap fish and all that was necessary was just to go out there and pick up the fish.

Territories in north-eastern North America changed hands numerous times between the English and the French in the 1600 and 1700s and the Acadians decided to remain neutral, refusing to take either side. In the Treaty of Utrecht of 1713 France ceded Acadia as a British procession, at which point the area became known as Nova Scotia. During the following years, the British Governor Richard Phillips tried to coerce the Acadians to swear an oath of allegiance to the British Crown, but the Acadians steadfastly refused. Consequently, the decision was made that the "French Neutrals" needed to be removed and deported from their territories. Thus the Great Expulsion, the "Grand Dérangement", a brutal act of ethnic cleansing, began.

Between 1755 and 1763 about 10,000 Acadians were rounded up and deported to locations in New England, Maryland, Pennsylvania, Virginia, North and South Carolina and Georgia, even as far awa as Martinique and St. Domingue. Some Acadians were deported back to France, while others tried to hide in the woods, often sheltered by their friends, the Mi'kmaq. Some Acadian settlers made their way to relative safety in Quebec. Many families were torn apart, their houses were burnt, their livestock killed and fields destroyed. A great many Acadian settlers ended up in the former French territory of Louisiana where the Acadians became known as the "Cajuns". Some families were expelled five or more times from different locations they were deported to.

Although there were numerous deportations of different groups during these turbulent historic times, the deportation of the Acadians was unusual because so many were not sent back to France, their country of origin, or another French colony. Instead they were deported to British territories where Anti-Catholicism was rampant, and in the southern colonies it was feared that the Acadians would join slaves in a general uprising.

Once peace returned in 1763, some Acadians started to migrate back but they never settled in their original settlement areas again. Instead, many Nova Scotia Acadians moved into the area around Baie Ste-Marie or St. Mary's Bay between Digby and Yarmouth where they took up fishing as a livelihood. Today hundreds of thousands of people across all of North America and beyond can trace their origins to the Acadian Diaspora.

After giving me a brief introduction to Acadian history Victor took me on a tour of the facilities. The Grand Pré National Historic Site is actually a large piece of land that was donated about 100 years ago by a local businessman by the name of John Frederick Herbin who was an Acadian descendant. He gave the land to the Dominion Atlantic Railway with the condition that it be made accessible to Acadians forever. The company later gave the site to Parks Canada which turned it into a National Historic Site.

The New Visitors and Interpretation Centre houses a multimedia theatre, an exhibit hall, a gift shop, a multipurpose room and administration area along with other visitors' facilities such as restrooms, public phones, etc. The entire facility is run jointly by Parks Canada and the Société Promotion Grand Pré, which represents the Acadian community. The grounds around the Centre are made up of flat farmland, a winding river and railway tracks that still serve for freight transportation.

We walked outside the Centre and Victor pointed out to me a metal sculpture on the side of a long, low-lying hill that consists of 4 life-sized individuals, representing an Acadian family that is being torn apart by the deportation. This sculpture was unveiled just a few weeks ago, on September 3, 2006. Victor mentioned that the sculptor was looking for an appropriate place to position the sculpture once it had been transported to the Grand Pré site from Montreal. The sculptor was unable to find a proper location for his masterpiece, pacing for hours through the entire property. Finally he found a spot, right there on the hillside. He just knew that this was where the sculpture would have to go. Through archeological research it had been discovered earlier, unbeknownst to the sculptor, that an Acadian house had been located right next to the sculpture and the foundation of this house is now outlined by wooden stakes. Hearing about this psychic connection between Acadian history and a present day sculptor gave me the goose bumps, and this example just underscores the spiritual and historic significance of the Grand Pré National Historic Site.

Victor also enlightened me that the Grand Pré is a location of reconciliation. During the 2004 celebrations to commemorate the 400th anniversary of the arrival of the Acadians, tens of thousands of Acadian descendants congregated in the Grand Pré area for a reunion. The local Shaw family, a Planter family who was assigned to settle the area after the expulsion of the Acadians, invited the descendants of the Thibodeau family, who had come from all over North America, to stay on their property. Only two families had ever lived on this stretch of land: the Thibodeaus and the Shaws. The Shaws as a matter of fact, had coined a phrase "Be careful of the tippie-toes", which really meant "Be careful of the Thibodeaus". Both groups of families celebrated together and the Shaws stated that they were not the owners, but rather the keepers of this land, and that their home would always be open to the Thibodeaus.

The celebrations proceeded with exuberance until one man, a Thibodeau family member from Quebec stated in front of everyone "I only have one thing to say: we Thibodeaus are going to come back and take this land". The entire crowd gasped at the thought of implied conflict until he continued "I am going to marry Sarah". Sarah was a member of the Shaw family. The audience breathed a collective sigh of relief. This vignette is just one of many stories of reconciliation and forgiveness that have taken place here in the Grand Pré area.

Victor and I crossed the railway tracks and approached the Memorial Church, built in 1922. In front of the church is a statue of Evangeline, heroine of an 1847 poem by American author Henry Wadsworth Longfellow. "Evangeline" tells the story of a young Acadian woman who dedicates her entire life to searching for the man she loves from whom she was separated at the time of deportation. The tragic story concludes with Evangeline finding Gabriel, her true love, on his death bed in Philadelphia.

Beside the church Victor pointed out some archeological excavations to me. The Grand Pré site is a significant historic site and ongoing archeological research has turned up more clues about early Acadian life in the Grand Pré area. When Victor had to say goodbye to me as he was on duty at the Memorial Church, I went back inside the Visitors Centre and watched a brief yet extremely informative video about the history of the Acadians which effectively tied it all together for me.

After leaving the Visitor Centre I decided to drive a few kilometers east to the actual deportation site in the Minas Basin. The Deportation Cross was erected in 1924 to commemorate the deportation of 2000 Acadians who were deported from this very site.

As I started to make my way westwards towards Annapolis Royal, another originally Acadian settlement, I reflected on the significance of this site for one of the founding cultures of Nova Scotia. I was amazed at the perseverance and the power of the human spirit displayed by hundreds of thousands of Acadian descendants who have lived in diaspora all over the world and for centuries have managed to survive and hold on to their cultural heritage despite much adversity that they have experienced. Despite all this human tragedy and upheaval, the stories of reconciliation and forgiveness found here at the Grand Pré National Historic Site are a sign of hope for all us.

For the entire article including photos please visit
http://www.travelandtransitions.com/stories_photos/grand_pre.htm

About the Author

Susanne Pacher is the publisher of Travel and Transitions (
http://www.travelandtransitions.com
), a popular web portal for unconventional travel & cross-cultural connections. Check out our brand new section featuring FREE ebooks about travel.


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