Do we earnings taxes on income from renting our home out for one week a year?
We have be asked to rent out our home for the Republican National Convention in Minnesota because we hold a large home inside a mile of the convention location. We have be offered $15,000 for 5 days. We have never rented out our home in the past and I have no hypothesis whether we need to claim the $15k on our taxes. Is here a cap below which you do not have to claim the income for levy purposes?
Answers: Copying from IRS publication 527, Page 5.
Exception for minimal rental use. If you use the dwelling unit as a home and you rent it a smaller amount than 15 days during the year, do not include any of the rent in your income and do not subtract any of the rental expenses. See Dwelling Unit Used as Home, later.
It would be ironic if you are a Democrat!
no. See page 2:
http://www.irs.gov/pub/irs-pdf/p527.pdf
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Answers: Copying from IRS publication 527, Page 5.
Exception for minimal rental use. If you use the dwelling unit as a home and you rent it a smaller amount than 15 days during the year, do not include any of the rent in your income and do not subtract any of the rental expenses. See Dwelling Unit Used as Home, later.
It would be ironic if you are a Democrat!
no. See page 2:
http://www.irs.gov/pub/irs-pdf/p527.pdf