Submitted By: someone
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

Revocable trust

A trust that may be changed or terminated by its creator or another person. Such trusts do not provide an income tax savings to the creator.

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