We have been asked to rent out our home for the Republican National Convention in Minnesota because we have a large home within a mile of the convention location. We have been offered $15,000 for 5 days. We have never rented out our home before and I have no idea whether we need to claim the $15k on our taxes. Is there a cap under which you do not have to claim the income for tax purposes?
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31. January 2010 at 10:51 pm
Copying from IRS publication 527, Page 5.
Exception for minimal rental use. If you use the dwelling unit as a home and you rent it fewer than 15 days during the year, do not include any of the rent in your income and do not deduct any of the rental expenses. See Dwelling Unit Used as Home, later.
It would be ironic if you are a Democrat!
31. January 2010 at 10:51 pm
You do not have to claim it because you plan to rent your house for less than 14 days. 14 days is the limit.
31. January 2010 at 10:51 pm
no. See page 2:http://www.irs.gov/pub/irs-pdf/p527.pdf