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Take a Two-Week Vacation and Rent Your Home for Tax-Free Income

The tax law provides that if you renthandle the rental while you are gone.
your home for fewer than 15 days a yearYou or the property manager will want to
that the rental income is not includedverify the tenant's references. You will
in your gross income (Section 280A(g)).also want to obtain a reasonable
That means that you can take a two-weeksecurity deposit.Although the rental
vacation, rent your home while you areincome is not taxable if you rent your
gone, and the rental income is nothome for 14 or fewer days during the
taxable. What a great way to pay foryear, you may not claim any deductions
your vacation.The tax law provides thatattributable to the rental activity
all income is included in gross income(Section 280A(g)(1)). Thus, you may not
and therefore taxable unless the item ofdeduct property management fees,
income is specifically excluded fromrepairs, cleaning, insurance, or
gross income. There are a number ofdepreciation attributable to the rental.
these exclusions and some are commonlyYou may, however, deduct the mortgage
known such as the fact that healthinterest, real estate taxes, and any
insurance premiums paid by your employercasualty or theft losses as itemized
are excluded from your gross income.deductions just as you otherwise
However, this exclusion for renting yourcould.The ability to rent your home to a
home out for 14 days or fewer during thetenant for up to 14 days a year and have
year is not as well known.If you livethe rent income be tax free is one of
near where a major sporting event,the many tax benefits that the tax law
convention, or other major event isallows homeowners. If you live near a
taking place, you might be able to rentmajor sporting event or in a resort
your home for a large sum of money. Forarea, this rule allows you to generate
example, if you lived near where thesignificant tax-free income each year
Super Bowl or World Series was going towhile enjoying a nice vacation. Just be
be played, you might be able to rentsure that the tenant understands that 14
your home for much more than the averagedays is the maximum term of occupancy.
hotel rate in your city.If you live in aIf you rent the home for a total of 15
resort area, you might be able to rentor more days during the year, all of the
your home out during the peak touristrent income is taxable.Alan D. Campbell
season when the hotels are at fullis a CPA in Arkansas and Florida and is
occupancy. Because you may rent yourself-employed primarily as an author of
home for a maximum of 14 days a year fortax publications. He earned a Ph.D. in
the income to be tax free, you want toaccounting with an emphasis in taxation
earn the highest rental rate possible.Befrom the University of North Texas. He
sure to check with your attorney to makeis also admitted to practice before the
sure that there is no problem withUnited States Tax Court. He has
zoning or other legal prohibitions forpublished numerous articles on tax
renting your home for up to 14 days atopics in professional journals. He is
year. Local law might require that youthe co-author of the book Tax Strategies
obtain a license or collect sales orfor the Self-Employed and the revision
occupancy tax from the tenant. You willeditor of CCH Financial and Estate
also want to hire a property manager toPlanning Guide, 15th edition.



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