Getting your Trinity Audio player ready...
VACATION HOME owners who would like to pick up a little extra tax-free cash to help pay the mortgage may want to consider renting out their place a couple weeks this summer.
The tax law provides a special break for individuals who rent out their vacation homes less than 15 days a year. In such cases, any rental income you collect is exempt from tax. You don’t even have to report the income on your tax return.
The tax exemption, which can be worth hundreds of dollars a year, was targeted for extinction by Congress several times in recent years. But for various reasons, the tax break survived each of the legislative challenges.
