John Bullis
For the Nevada Appeal

Back to: News
July 17, 2012
Follow News

John Bullis: Turn your home into a tax deductible rental

One of the tax laws gives a special tax-free benefit for folks who rent out their personal home for 14 or fewer days.

It's sometimes called the "Masters exemption," because the first main use was by homeowners in Augusta, Ga. The homeowners there rented out their home for less than 15 days for the Masters Golf Tournament each year.

Because that tournament is popular, the rent can be as much as $20,000.

That will not be taxable income to the homeowner. The owner cannot claim any expenses of the rental (like depreciation), but still can claim the itemized deductions for …

Explore Related Articles

Trending in: News

The Nevada Appeal Updated Jul 17, 2012 01:29AM Published Jul 17, 2012 01:27AM Copyright 2012 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.