Vacation Rentals and Personal Rental

Vacation Rentals and Personal Rental

Q: I have a client that manages vacation rentals. They also rent out one of their own homes as a vacation rental. Is it okay to keep all the rentals on the same books as long as I separate out the personal rental income?

A: Yes and No. When a property is used as a vacation rental, it is considered to be a business. Always keep personal and business books separate.  As your clients rent their own home and live in it as well, you may try using Class for personal and business. Try it out.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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