The Herald Net has a short article on the main tax rules with regard to vacation rentals. Let me break down the categories of taxation:
Renting out your vacation home less than 15 days a year
Renting out your vacation home as much as possible while never using your vacation rental for personal use.
Renting the home more [...]
If you’ve been around the internet for any period of time, you’re well aware of the scams arriving by email informing you of the vast sums of money you have won. Or, if you help the Nigerian Princess move money out of her country, you can have a cut of it.
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Your odds of being audited by the IRS are greater under the following circumstances:
You have rental expenses on your tax return.
You have large amounts of itemized deductions on your tax return.
You claim tax shelter investment losses on your tax return.
Your business expenses are large in relation to your income on your tax return.
Yikes! That’s me! [...]
Continue reading about Receipts for the Vacation Rental Owner
