Tax-Free Rental Income
Did you know you can rent out your home or vacation property for up to 14 days and not need to claim the income? Here are some tax tips to take advantage of this opportunity. Most income you receive is taxable income that is reported to you and to the Federal/State tax authorities. However, there are a few income-producing events that the IRS has said are not taxable. One of them is renting out your home or vacation property. The rule: If you receive rental income for less than 15 days per year, that income is generally not taxable income.