Real Estate Articles

2021-09-03. KNOW THE RULES FOR RENTING YOUR VACATION HOME | By: Jeff Taylor

KNOW THE RULES FOR RENTING YOUR VACATION HOME
Jeffery Taylor, Mr. Landlord
 
First and foremost, pay attention to the 14-day rule. As outlined in one informative article, the proceeds from a vacation home that is rented out 14 days or less a year are nontaxable and don't need to be reported on your tax return no matter how much rent you charge. To qualify, the property must be your personal residence. A dwelling is considered a personal residence if the owner's use of the home each year exceeds the greater of 14 days or 10% of the days the home is rented to others at fair market value. Although you can't deduct rental expenses, you may be able to claim all or part of your mortgage interest and property taxes on Schedule A of your 1040.
 
The tips in this column are shared by regular contributors to the popular MrLandlord.com Q&A forum, by real estate authors and by Jeffrey Taylor, Founder@Mrlandlord.com. To receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their informative Q&A Forum at LandlordingAdvice.com, where you can ask landlording questions and seek advice of other landlords 24 hours a day.

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