Tax Opportunity for Renting out Your Vacation Home

If you own a vacation home that you and your family use personally, there is a unique tax window of opportunity for short-term rentals.  Generally, income that you receive for the rental of your vacation home must be reported on you federal income tax return.  However, if you rent out the property for only 14 days or less per year, you do not have to report any of the rental income.   IRS Publication 527, Residential Rental Property (Including Rental of Vacation Homes), is available at IRS.gov.  The booklet offers more information about rental property, including special rules about personal use and how to report rental income and expenses.  For more information, contact a KOS professional at 847-580-4100.