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Submitted By: someone
Answered: March 25, 2020 2:47 am
Answered: March 25, 2020 2:47 am
Instead of using my one-week time share, I rented it out. How do I report the rental income?
If you use a dwelling unit as a residence and rent it for fewer than 15 days during the year, you don’t report any of the rental income; it’s tax free. But you can’t deduct any expenses as rental expenses.
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Tax Glossary
Adjusted gross income (AGI)
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).
