Hello, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow
Are you thinking of signing up with one of those websites that link travelers to property owners with room to spare? If you plan to offer for rent all or part of your main home, here’s one tax strategy that you might want to apply during the summer.
What is it called? It’s called “14-days or less” tax strategy. If you rented out your home for 14 days or less during the year, you don’t have to report the income. That’s right, you get tax-free income! That’s my favorite word…tax-free!
So just plan accordingly and make sure the total rental period is 14 days or less during the summer.
Until then, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow