IF you own a vacation home, there's a good chance you use it primarily as a getaway for your family and friends. But if it's located in an area that's popular with tourists, don't overlook an opportunity to earn extra tax-free income by renting it out.
As long as you rent your home for 14 days or less during the year, you're not required to report rental income on your tax return. The exception applies no matter how much you charge for the 14-day stay. The rule also applies to your primary residence, so if Bruce Springsteen and the E Street Band is coming to your town this year, you may be able to rent your home to fans of the Boss and retreat to your vacation home for the weekend.
The IRS provision allowing individuals to exclude shortterm temporary income is known as the “Masters rule” because residents of Augusta, Ga., successfully lobbied for the exemption back in the 1970s so they could rent out their homes during the annual Augusta National Golf Club Masters tournament. In enacting the provision,
この記事は Kiplinger's Personal Finance の May 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Kiplinger's Personal Finance の May 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
TIPS FOR FINANCING A HOME PROJECT
I recently had a call with a client who was looking to fund the construction of a swimming pool at his house.
MORE WOMEN THAN EVER ARE STARTING BUSINESSES
Retail and travel businesses, along with health, beauty and fitness, are popular with women entrepreneurs.
Finding Home Health Care
It’s important to hire a caregiver you trust.
UNDERSTANDING BOND FUND YIELDS
What's a 30-day SEC yield? A trailing 12-month yield? A yield to maturity? We explain what each measure says about an income fund.
ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS
If you have federal student loans, you may benefit from new government policies. Here's what you need to know.
SHEDDING POUNDS, DELIVERING GAINS
New weight-loss drugs show promise for investors.
My Top 30 Index: An Update
A year ago, I put together what I called \"my own reinvention\" of the Dow Jones industrial average, the popular 142-year-old large-cap index. I called it simply Top 30-\"not a drastic change in the Dow but an updating.\"
Balance Your Risk and Reward
These new ETFs let you cut stock market losses. But you'll sacrifice some gains.
IS A HYBRID CAR RIGHT FOR YOU?
Hybrids offer a fuel-saving option for drivers who have reservations about all-electric vehicles. But there are trade-offs.
DEALS deals DEALS
WHO doesn't love a bargain? We've rounded up great values in investing, shopping, tech and travel-and found ways to cut down on ever-growing grocery and restaurant bills.