If you are going to be out of town this summer, consider renting your home while you’re gone. The IRS allows you to receive up to 14 days of rental income per year completely tax-free. There are other rental property/personal use rules that you’ll want to make sure to follow, especially if you plan on renting out a vacation home that you don’t live in for most of the year. Give us a call for details on how you can take advantage of this deduction.
We have several clients suing their home for AirBnB and it is working really well for them and generating great supplement income for them. There are some steps to take and ways to do it correctly. We would love to talk to you about how to operate an AirBnB in your home and get the most from the tax deductions allowed.