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New law addresses home-sharing

| Jan 26, 2017 | Real Estate Transactions |

State lawmakers have been scrambling to catch up to changing trends in real estate over the last few years, especially with the popularization of home-sharing. Things are beginning to solidify, however, with a new statewide law addressing home-sharing in effect since the new year. Among other things, the new law restricts cities from outlawing home sharing.

The new law has its fair share of supporters and detractors, but it has set up a clear path for those who wish to legitimately share their home for profit to do so. It also creates a legal framework for home-sharing platforms to collect taxes on home-sharing transactions and route appropriate revenue to both state and city collection departments.

Those who wish to use home-sharing platforms should still be wary of exactly what they are agreeing to when they sign up for such a service. The field is still emerging, so many of the finer legal points are being built out as the need arises. As with any emerging field of commerce, home-sharing has yet to work out every aspect of issues concerning liability and taxation.

If you are considering using your home, or a portion of your home, to bring in some extra income, it is wise to consult with an experienced attorney to make sure that you are taking all the necessary precautions to protect yourself and home. Understanding the full scope of any new law is always a delicate matter, and should be approached soberly — especially when there are issues of taxation at hand. With the guidance of an experienced attorney, you can enter into the emerging market of home sharing with confidence, knowing that you have taken the necessary precautions to protect your rights and your home.

Source: 91.5 KJZZ, “New Home-Sharing Law Takes Effect In Arizona,” Steve Goldstein, Jan. 12, 2017

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