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Jacobs & Newmark, CPAs
100 Lexington Drive, Suite 250, Buffalo Grove, IL 60089
Phone: 847-537-0100
May 2024
May 2024 Q & A
QUESTION:
A friend asked if he could rent our lake house for a couple of weeks in August. Are there any tax consequences if we do?
ANSWER:
Not if you observe the IRS’s short-term rental rules. You can rent out your personal residence (including a vacation home), and any money earned from the short-term rental isn’t subject to income tax if the rental doesn’t exceed 14 days in the tax year.There’s a caveat, though. The rental income becomes taxable if you rent your personal residence for more than 14 days total during any tax year. So, take care to keep accurate records of your rental.
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