![]() ![]() 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest."I ended up paying hefty taxes and investing a lot of time in trying to figure out my tax deductions and finances. "The first year, I accepted guests for two one-week stays, plus 10 days over Christmas," Chan says. These days, Alice is careful to keep the total rental time under 14 days-a recommended tactic to others. Portland resident Alice Chan earns extra income by renting out her vacation home on the Oregon Coast several times a year. If you meet the requirements of the 14-day rule, you do not have to report the income on your taxes and you don't deduct any expenses as a rental expense. Use the vacation house yourself 14 days or more during the year.Rent the property for no more than 14 days during the year AND. ![]() Under this rule, you don't report any of the rental income you earn from the short-term rental, as long as you: Tax laws are full of exceptions, but the 14-day rule-sometimes called the "Masters exception" because of its popularity in Georgia during the annual Masters golf tournament-is the most important for anyone considering renting out a vacation home. ![]()
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