![]() This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest."I ended up paying hefty taxes and investing a lot of time in trying to figure out my tax deductions and finances. "The first year, I accepted guests for two one-week stays, plus 10 days over Christmas," Chan says. These days, Alice is careful to keep the total rental time under 14 days-a recommended tactic to others. Portland resident Alice Chan earns extra income by renting out her vacation home on the Oregon Coast several times a year. If you meet the requirements of the 14-day rule, you do not have to report the income on your taxes and you don't deduct any expenses as a rental expense. ![]() Use the vacation house yourself 14 days or more during the year.Rent the property for no more than 14 days during the year AND.Under this rule, you don't report any of the rental income you earn from the short-term rental, as long as you: Tax laws are full of exceptions, but the 14-day rule-sometimes called the "Masters exception" because of its popularity in Georgia during the annual Masters golf tournament-is the most important for anyone considering renting out a vacation home. ![]()
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