If you rent out your primary or secondary residence for no more than 14 days this year, you may be eligible for a tax break known as the “Augusta rule.” The rule allows eligible homeowners to temporarily rent out their homes without reporting the rental income on their personal tax returns. Homeowners typically take advantage of the rule when renting their homes to tourists. Business owners who rent their homes to their businesses for short, event-driven occasions can potentially deduct the rent paid as a business expense while excluding the rental payments from their individual taxable income. But strict compliance with IRS rules is essential. Contact us to learn the details.
