Did you know there's a special tax rule for homeowners who rent out their houses? It's called the Augusta rule, and it's pretty cool!
It lets you rent your home for up to 14 days a year without paying extra taxes on the money you make. This is helpful if you're saving for something special, like a family vacation!
But remember, it only applies to federal taxes. Some states might still tax your rental income.
- You can rent your main home for up to 14 days each year.
- You don't have to pay federal taxes on the money you earn from renting.
- This rule helps people earn extra money without a tax headache!
- Keep good records of when you rent out your home and how much money you made.
| Rule | Details |
|---|---|
| Maximum Rental Days | 14 days per year |
| Taxes | No federal taxes on rental income (but check state taxes!) |
| Who can use it? | Homeowners renting their primary residence. |
