{"id":3119,"date":"2024-05-02T16:01:40","date_gmt":"2024-05-02T21:01:40","guid":{"rendered":"https:\/\/www.connerash.com\/blog\/?p=3119"},"modified":"2024-05-17T16:02:51","modified_gmt":"2024-05-17T21:02:51","slug":"may-2024-question-and-answer","status":"publish","type":"post","link":"https:\/\/www.connerash.com\/blog\/may-2024-question-and-answer\/","title":{"rendered":"May 2024 Question and Answer"},"content":{"rendered":"\n

QUESTION:<\/h3>\n\n\n\n

A friend asked if he could rent our lake house for a couple of weeks in August. Are there any tax consequences if we do?<\/p>\n\n\n\n

ANSWER:<\/h3>\n\n\n\n

Not if you observe the IRS\u2019s short-term rental rules. You can rent out your personal residence (including a vacation home), and any money earned from the short-term rental isn\u2019t subject to income tax if the rental doesn\u2019t exceed 14 days in the tax year.<\/p>\n\n\n\n

There\u2019s a caveat, though. The rental income becomes taxable if you rent your personal residence for more than 14 days total during any tax year. So, take care to keep accurate records of your rental.<\/p>\n","protected":false},"excerpt":{"rendered":"

QUESTION: A friend asked if he could rent our lake house for a couple of weeks in August. Are there any tax consequences if we do? ANSWER: Not if you observe the IRS\u2019s short-term rental rules. You can rent out your personal residence (including a vacation home), and any money earned from the short-term rental … <\/p>\n

Continue reading “May 2024 Question and Answer”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,205],"tags":[],"class_list":["post-3119","post","type-post","status-publish","format-standard","hentry","category-newletters","category-rental-property"],"yoast_head":"\nMay 2024 Question and Answer - Conner Ash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.connerash.com\/blog\/may-2024-question-and-answer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"May 2024 Question and Answer - Conner Ash\" \/>\n<meta property=\"og:description\" content=\"QUESTION: A friend asked if he could rent our lake house for a couple of weeks in August. 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