Courtesy of the Internal Revenue Service Renting Your Vacation Home Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income.
Today TaxMama hears from Kevin in Arizona, who wants to know, “How often does a rental property have to be rented or income made to qualify as a rental? Looking at the numbers, I doubt ours can go cash positive for at least 4 years. From reading your articles, it seems that the IRS will […]
Today TaxMama hears from Sylvia in Texas needlessly putting herself down. “About those darn time share payment deductions! I understand that only stupid people invest in such things. However, can we deduct the property taxes assessed to us?”