We opened up the floodgates for questions on this past webinar, “2014 Tax Changes You Need to Know Now.” If you didn’t register for the webinar and want to hear it, please go to http://www.USTaxAid.com/insiders-only. One of the questions we received had to do with renting out your house for short periods of time.
The question was: “Can we still take the rental income of up to 14 days/year without taxable income?”
And the answer is: Yes! If you rent out your primary residence or vacation home for less than 15 days the money you make does not need to be reported. You don’t need to allocate any of the mortgage interest expense or property tax either. Just take the money and run!
This is a common strategy for people who have homes where there is some big event, like the Super Bowl. Rent out your house for a few days and put the money in your pocket. No reporting and no tax!
If you did register for the webinar, check your email. You will have a special invitation to listen to the replay.