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 different tax threshold?