Tom Herman of the Wall Street Journal posted a great tax relief tip article, Renting Out Home? Watch for 14-Day Rule, that includes tax tips to consider when renting out your home for the summer. Herman notes that under IRS rules you can rent out your home for up to 14 days in a year without being subject to Federal income tax. If you go over the 14 day rental rules the full amount will be applied to income tax. This rule is helpful for people with homes in areas with big yearly events, such as Augusta, Georgia “…where the Masters golf tournament is held each year. Many homeowners in the Augusta area rent out their homes to out-of-town golf fanatics for very large amounts of money and don’t have to report any of that rental income on their taxes.”
To read more details on the 14-day rental rule visit the IRS website www.irs.gov and look for Topic 415.
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