Rewards for Renting
If you rent space for fewer than 15 days in one calendar year, all the related income is completely tax free. If you rent it out for more than 15 days, “your income is taxable as rental income and you could allocate certain expenses,” says H&R Block’s Charney. So listen up, New Orleans and New Jersey taxpayers: Two weeks is the max for renting out your house for the Super Bowl. Hamptons homeowners likely already know the rule.
