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by CareyBot

DEAR BOB: I own a beach condo, which I rented out last summer through a rental agency. This summer I want to use it as my second home, but periodically allow family and close friends to use it at a reduced rental rate to help with expenses. Am I required to pay tax on that rental income? --Alice H. DEAR ALICE: If you rented your beach condo for more than 14 days in 2005, you are required to report that rental income and deduct applicable expenses on Schedule E of your 2005 income tax returns. However, if the rental days were less than 14, you can keep the rent money and Uncle Sam doesn't care. Purchase Bob Bruss reports online. The same rule applies in the summer of 2006 when you plan to spend more personal time enjoying your beach condo. If you rent it for more than 14 days, the rental in...