Demystifying Tax Rules for Airbnb Hosts
You may rent out a guest bedroom to short-term tenants through Airbnb or another home-sharing site. If so, it’s essential that you understand the tax rules for using your home to earn short-term rental income. Here’s a tutorial. Federal and local taxes The IRS has rules regarding the reporting of rental income. Municipalities may have […]
Know the Tax Rules for Vacation Rental Owners
If you own a house that you use as a vacation rental but also use the property yourself at times, you should know some important federal income tax rules. Here’s our guide. The number of days is key. The IRS treats situations differently depending on the number of days spent renting and using the property […]
Can You Benefit From an Agricultural Tax Exemption?
Homeowners who live on agricultural acreage that meets a minimum size standard may qualify for a significant property tax break. Rules vary from state to state, and there can be stiff penalties if you run afoul of them. Here’s how the “ag exemption” works and how you could benefit from it. Agricultural land is valued […]
Investment Property Repairs and Renovations: How They Affect Your Taxes
Owners of residential investment property often spend money on repairs or renovations. These expenses can be written off on your taxes, but the rules vary depending on the nature of the work. Here’s what you need to know about how the Internal Revenue Service treats expenses for repairs and renovations. Repairs and renovations are two […]