Submitted By: someone
Answered: March 25, 2020 2:47 am

Instead of using my one-week time share, I rented it out. How do I report the rental income?

If you use a dwelling unit as a residence and rent it for fewer than 15 days during the year, you don’t report any of the rental income; it’s tax free. But you can’t deduct any expenses as rental expenses.

Tax Glossary

Inclusion amount for leased cars

Based on an IRS table, an amount that reduces a business deduction taken for payments on an auto leased for a minimum of 30 days.

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