When to Exclude Rental Income


T

Tax Tip

Do not report rental income on your tax return if you rented your home
or vacation home for 14 days or less.
Keep in mind that as a result, you will not be able to deduct rental
expenses for the year if you do not report the income.

However, you may still write-off mortgage interest, property taxes,
and casualty losses as itemized deductions on Schedule A.

Check out Real Tax Tips at TReXGlobal.com to learn more about saving
time and money on properties and taxes. Be sure to try Simplify'em,
the FREE Property Management Software from TReXGlobal.com.
(http://www.trexglobal.com)

Community Relations TReXGlobal.com
(http://www.trexglobal.com)
Simple FREE to se Web Tools for Real Estate Investors
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top