Own a home? How you can get some tax-free income this summer
While the prospect of a side income is attractive, homeowners hoping to rent their properties have to navigate the tax code. That's where things get tricky.
The company polled 1,006 individuals who own their primary residence and earn income from renting one of their properties. If you're using your beach house for personal purposes for the greater of 14 days or 10% of the total days you rent it to others, then the IRS considers the dwelling a residence., you don't have to report the rental income to Uncle Sam.
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