August 2, 2016
Tax Tip: Rules for Home Office Deductions

Tax Tips for Vacation Rentals – Financial Simple

Tax Tips for Vacation Rentals The IRS generally requires that you report all rental income on your tax return. However, if you only occasionally rent out a property for short periods of time and use it as a home for the rest of the year, you may not have to report the income. Here’s what the IRS says about vacation homes: A vacation property is defined as “a house, apartment, condominium, mobile home, boat, or similar property.” If you rent out a home for less than 15 days per year and use it as a home the rest of the time, you may not need to report the income. If your house is considered a rental property, you may deduct rental expenses related to the property from your taxes as long as they do not exceed the income received. If you also use the house as a home, you must […]