Surprise When Renting Your Home

Dated: 01/02/2018

Views: 51

Image titlePlanning to go to the Masters next April 2-9th and don’t have a place to stay. Each year, there are homeowners who rent their home for a big premium during the Masters because hotels are in short supply and demand for private homes is up.

Homeowners go on vacation and make tax-free income while temporary tenants rent their home. 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 Plan Ahead for Tax Time When Renting Out Residential or Vacation Property- special rules.

This situation can particularly benefit homeowners where there are large sporting events nearby like golf and tennis tournaments, championship games or other high attendance venues. The demand for a private residence can be more attractive than staying in a hotel which makes the price go up.

Obviously, there are challenges with personal belongings and damage but getting a premium rental rate and not having to recognize the income could be worth it. You’ll certainly want to discuss this with your tax professional prior to making this decision. You’d probably also want to get some help from an experienced real estate professional.

Blog author image

Mary Ann Lightfoot

I’m originally from Chicago, IL & relocated to Las Vegas in 1979 • Graduated from University of Phoenix with a Bachelor in Business Management • 15+ yrs in Management with Del Webb Sun City Comm....

Latest Blog Posts

YOUR LOAN, YOUR OFFER. SU PRESTAMO, SU OFERTA

DEAR CLIENT:My recommended lenders can help you get pre-approved for a loan. They have great products and their service is exceptional, they can help if you only have ITIN number, low income, not

Read More

HAGAME SABER QUE DESEA Y NECESITA

In bygone years, Las Vegas was mostly about the gambling. Not  Now!YA HACE MUCHOS AÑOS QUE  TODO EN LAS VEGAS ERA ACERCA DE LAS APUESTAS. NO AHORA!EL EQUIPO DE LOS RAIDERS TENDRA SU

Read More

I'M YOUR AGENT. SOY SU AGENTE

PARA TENER EXITO, LO PRIMERO QUE NECESITAS ES AMAR TU TRABAJO.;

Read More

Thinking about Purchasing New Construction make sure you Read this Blog First.

New home buyers don't want a used house when only new home construction will do. They don't want to inherit somebody else's worn carpeting, personal taste in kitchen appliances or look at some kid's

Read More