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McMill Building
125 S. 4th Street
Norfolk, NE 68701
Phone: 402-371-1160
Toll Free: 800-694-1160
Website: www.mcmill.info
May 2022
May 2022 Question and Answer
QUESTION:
We plan to rent out our primary residence for the summer while we are on vacation. Will we have to pay tax on that rental income?
ANSWER:
The general rule is that if you rent your residence for more than 14 days, you'll report the rental income and deduct any related rental expenses on Schedule E. Be sure to allocate the costs between rental and personal use. However, there is an exception, commonly called the Augusta Rule, that applies when you rent your residence for less than 15 days. Then you'll generally not need to report this rental income. Consult your tax advisor.CONTACT US
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