Now is the time of year when many people rent out their vacation homes. If you rent out your vacation home (or main home) for 14 days or less during the year, the rental income you receive is income tax-free. However, this doesn’t mean no taxes are ever involved when you rent out your vacation home. Most states require people who rent out their vacation homes on a short-term basis to charge and collect sales and lodging taxes on the income they earn. What is a "short-term rental"? Sales and/or lodging taxes are due only on income earned from "short-term rentals." Thus, for example, a landlord who rents out a home on an annual basis need not pay them. What constitutes a short-term rental varies from state to state. In many states, any rental less than 30 days is considered short-term...
Real Estate & Personal Finance
Aug 20, 2013 by Stephen Fishman
Aug 9, 2013 by Stephen Fishman
Aug 2, 2013 by Stephen Fishman