ProbarGOLD- Free

Your Vacation Home Could Provide Tax-free Income
Kiplinger's Personal Finance|May 2024
If you plan to rent out your vacation home, it's important to understand how your proceeds will be taxed.
- By Sandra Block
Your Vacation Home Could Provide Tax-free Income

IF you own a vacation home, there's a good chance you use it primarily as a getaway for your family and friends. But if it's located in an area that's popular with tourists, don't overlook an opportunity to earn extra tax-free income by renting it out.

As long as you rent your home for 14 days or less during the year, you're not required to report rental income on your tax return. The exception applies no matter how much you charge for the 14-day stay. The rule also applies to your primary residence, so if Bruce Springsteen and the E Street Band is coming to your town this year, you may be able to rent your home to fans of the Boss and retreat to your vacation home for the weekend.

The IRS provision allowing individuals to exclude shortterm temporary income is known as the “Masters rule” because residents of Augusta, Ga., successfully lobbied for the exemption back in the 1970s so they could rent out their homes during the annual Augusta National Golf Club Masters tournament. In enacting the provision,

Esta historia es de la edición May 2024 de Kiplinger's Personal Finance.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición May 2024 de Kiplinger's Personal Finance.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE KIPLINGER'S PERSONAL FINANCEVer todo
Beat the Market? Not Likely
Kiplinger's Personal Finance

Beat the Market? Not Likely

IN 1963, the columnist Jimmy Breslin wrote a delightful book about the initial, disastrous year of the New York Mets.

time-read
5 minutos  |
March 2025
IS 2025 THE YEAR WORKERS WILL RETURN TO THE OFFICE?
Kiplinger's Personal Finance

IS 2025 THE YEAR WORKERS WILL RETURN TO THE OFFICE?

Managers want to cut back on remote work, but many employees value flexibility.

time-read
3 minutos  |
March 2025
THE OUTLOOK FOR HOME AND AUTO INSURANCE
Kiplinger's Personal Finance

THE OUTLOOK FOR HOME AND AUTO INSURANCE

Premiums may not increase as much as in recent years, but the industry remains under pressure.

time-read
2 minutos  |
March 2025
FINANCIAL STOCKS SHOULD PAY OFF
Kiplinger's Personal Finance

FINANCIAL STOCKS SHOULD PAY OFF

But investors must be choosy about where to put money in this broad sector.

time-read
7 minutos  |
March 2025
IGNORING THE BULL-MARKET BANDWAGON
Kiplinger's Personal Finance

IGNORING THE BULL-MARKET BANDWAGON

This investing veteran remains wary of stocks.

time-read
2 minutos  |
March 2025
Be Careful With Interval Funds
Kiplinger's Personal Finance

Be Careful With Interval Funds

YOU may have been hearing more often about interval funds.

time-read
2 minutos  |
March 2025
WHY YOU SHOULD TAKE EXTRA CARE WITH YOUR TAX RETURN
Kiplinger's Personal Finance

WHY YOU SHOULD TAKE EXTRA CARE WITH YOUR TAX RETURN

You can minimize your tax bill and avoid unwanted attention from the IRS by watching out for common errors and oversights.

time-read
10+ minutos  |
March 2025
The Benefits of Sharing a Bank Account With Your Parents
Kiplinger's Personal Finance

The Benefits of Sharing a Bank Account With Your Parents

Opening a joint account provides a way to monitor an older person's finances.

time-read
2 minutos  |
March 2025
THE POWER OF EVERYDAY CHARITABLE GIVING
Kiplinger's Personal Finance

THE POWER OF EVERYDAY CHARITABLE GIVING

This group is on a mission to understand the declining number of donors and volunteers—and to enact change.

time-read
2 minutos  |
March 2025
SHOULD YOU MAKE THE SWITCH TO SOLAR ENERGY?
Kiplinger's Personal Finance

SHOULD YOU MAKE THE SWITCH TO SOLAR ENERGY?

Outfitting your home with a solar power system can slash your electric bill-and federal tax credits have made the conversion more attractive than ever.

time-read
9 minutos  |
March 2025

Usamos cookies para proporcionar y mejorar nuestros servicios. Al usan nuestro sitio aceptas el uso de cookies. Learn more