If a taxpayer rents their home for less than 15 days, is that income taxable? The IRS tax code has a special rule for taxpayers who use a dwelling as a home and rent it for fewer than 15 days.
In this situation, the IRS states that the taxpayer is not required to report any of the rental income, but on the other hand the taxpayer is not allowed to deduct any expenses as rental expenses.
However, if that taxpayer itemizes on their tax return, they are allowed to deduct mortgage interest, property taxes, and any casualty losses related to that dwelling! |