Did You Know??? Renting Your Home Tax Free!

July30


“The Taxman” – The Beatles

Do you have a 2nd home or have you ever considered purchasing one?  Have you ever considered renting out your primary residence while gone on business or vacation?  Did you know that homeowners can benefit from a little known provision in the tax code that does not require taxpayers to recognize the income derived from renting their home for less than 15 days per year. See Rental of property also used as home on IRS.gov.  I’m always interested in legal ways to protect income from taxes!  :-)

Large sporting events like golf and tennis tournaments, championship games and other high attendance events increase the demand for a temporary rental of a private residence. Obviously, there are challenges with personal belongings and damage but getting a premium rental rate with a substantial deposit and not having to recognize the income could be worth it. Just a thought!

You’ll certainly want to discuss this with your tax professional prior to making this decision. You’ll probably also want to get some help from an experienced real estate professional.

 

About the Author | Janeese Jackson

My job is service...service to you and your real estate transactions! How can you benefit from my 25+ years of experience and expertise? What can I offer to make the process more productive? * Current information on available housing...comparative and competitive market pricing and analysis * Daily involvement in the local real estate marketplace * Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business * Extensive network of professional resources to make the process as smooth as possible My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!

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