Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals. Receiving money for the use of a dwelling also used as a taxpayer’s personal residence generally, requires reporting the rental income on a tax return. It also means certain expenses may become deductible to reduce the total amount of rental income that’s subject to tax. Dwelling Unit This may be a house, an apartment, condominium, mobile home, boat, vacation home or similar property. It’s possible to use more than one dwelling unit as a residence during the year. Used as a Home The dwelling unit is a residence if the taxpayer uses it for personal purposes during the tax year for more than the greater of: 14 days or 10% of the total days […]