Profit from a vacation-home rental

Know rules of part-time, full-time arrangements
Published on Aug 10, 2011

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by CareyBot

It's the time of year for weddings in faraway churches and family reunions in relaxing places. Perhaps friends (or friends of friends) have approached you about renting your home, or vacation cabin, when you are not using it this year. And, they are willing to pay -- an amount in line with the best rental properties in the area.

Do you have to declare the income to the Internal Revenue Service on your annual income tax return? How much is too much before crossing into a different tax threshold?

While many families don't charge a fee for letting friends use their home or getaway retreat for a special gathering (hoping they'll return the favor when your daughter gets married), you can pocket any fair-market rent as long as the term is 15 days or fewer an