I received income for renting out my timeshare for a week. I understand that I don't have to report income from any rental less that 14 days, but the property management company reported that income to the IRS. Do I have to report it when I file?
If you use the dwelling unit as a home and you rent it for fewer than 15 days during the year, do not include any of the rent in your income and do not deduct any of the rental expenses. If you do not meet the tests for using your timeshare as your home, the income is reportable on Form 1040, SCHEDULE E, Supplemental Income and Loss.
References:
I rent my home out for two weeks each year. Do I have to show the income on my return?
If you use a dwelling as a home and rent it for fewer than 15 days during the year, do not report any of the rental income and do not deduct any expenses as rental expenses. In this case, you may deduct some expenses on Form 1040, SCHEDULE A, such as mortgage interest, property taxes, and any casualty losses. For additional information, refer to Tax Topic 415, Renting Vacation Property/Renting to Relatives.
References:
I am renting a house to my son and daughter-in-law. Can I claim rental expenses?
If you receive income from the rental of a dwelling unit, such as a house or apartment, there are certain expenses you may deduct. These expenses reduce the amount of rental income that is taxed. However, if you also use the dwelling unit as a home, or rent it at less than fair rental value, certain restrictions apply to the deduction of your rental expenses. Refer to Tax Topic 414, Rental Income and Expenses, Tax Topic 415, Renting Vacation Property/Renting to Relatives, or Publication 527, Residential Rental Property, for more information on what expenses you are able to deduct.
References:
Tax Topics & FAQs | 2000 Tax Year Archives | Tax Help Archives | Home
