The IRS has a special program that will allow you to rent a vacation property and how pay any taxes on this income.
This is a great deal for anyone who has a property and wishes to make some extra money by renting it out. As long as the rental period is less than 15 days per year, you do not have to declare this income. Many people miss this deduction and end up paying more taxes than is required by law, something we always try to help our clients avoid.
If you rent your vacation home for more than 15 days in one calendar year then you do need to claim the income but can also receive maintenance deductions and other tax breaks for having this as a full-time rental property.
Watch as this IRS agent explains how you can use short term rentals to your advantage.