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Well -- 113 US open kicks off Thursday as some 156.
Players compete -- eight million dollar -- very exciting.
But you don't have to be Tiger Woods to get a piece of the action homeowners near the Marion golf club are renting out their rooms -- deride his.
Even parking spots for a pretty -- But Uncle Sam wants to know about alien -- so how do you report it.
Joining me now well help managing director rich -- bad.
So much you know I can I just have to show some of these places -- what they're -- and what they're renting -- because we've got some good stuff.
There's a house wants you to spend a 150000.
For two weeks.
Couldn't find the house for that down in Pennsylvania I mean that's amazing -- -- a nice down payment -- Anderson is -- to wants to give you a parking space.
Bucks for three days it better be well located that's all I can -- look at that.
OK so what are the rules when it comes to running your own house.
That's right right so.
The rules pretty simple if you're renting less than fifteen days basically -- include any of -- income on your tax return.
So you -- collect anything you want thousands of dollars hundreds of dollars what -- it doesn't matter you don't have to tell Uncle Sam that's right as long as it's less than fifteen days had to get over fifteen days of income then.
It becomes a reportable transaction and where do -- report that so it's over fifteen days it's basically like rental income you report on schedule C of -- personal tax return.
Could have deductions offsetting that income -- Are or what kind of did that yes so the deductions that would apply to the rental income or things like apportioning your mortgage interest deduction.
You're real estate taxes insurance -- dinner can be more pertinent expenses relative to the rental income flights and things like advertising cost may be too.
Put it up on one of the web sites out there.
It could be for any repairs or maintenance -- during that time here so those types of things we can't have more deductions then the rental income.
You can't take a -- he can't take a loss right.
-- people get this wrong a lot I would think -- would be difficult to do what I think people get Iran because let's face and a lot of stuff is done in cash right and especially with you know like driveways and garage -- -- in.
Around here and you get pretty penny around and you know just trying to out of Hoboken just trying to spot as amazing what what it takes how many hours and we -- make sports so.
I think people you know might not report income at all but you have to realize if it's over fourteen days absolutely do.
And there's really another thing I think people really could really get tripped up on that is like with respect to insurance and liability when you have people coming into your property.
I don't care if it's a week you really want to take a look at.
So what's the insurance that you have does your homeowner's coverage is this going to be excluded as may be a business activity that's a great output to your Condo -- -- You know co -- -- -- -- or not that I can't do this is only so.
There's a lot more to it than just the tax issue but from -- income perspective you -- report if it's -- fifteen days okay we're those are details we needed now rich thanks for coming on it's always good to see you thanks in detail thanks.
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