Tax laws are full of exceptions, but the 14-day rule—sometimes called the "Masters exception" because of its popularity in Georgia during the annual Masters golf tournament—is the most important for anyone considering renting out a vacation home. Under this rule, you don't report any of the rental income you earn from the short-term rental, as long as you: Rent the property for no more than 14 days during the year AND Use the vacation house yourself 14 days or more during the yearIf you meet the requirements of the 14-day rule, you do not have to report the income on your taxes and you don't deduct any expenses as a rental expense.Use this link for tips on rental income. If you do not meet that criteria then click this link for steps for entering your rental property.

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Question

How to file 1099 Misc income on one week vacation home

Forum|Forum|3 years ago
February 16, 2023
1 reply
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TurboTax Deluxe Online

Cynthiad66

Tax laws are full of exceptions, but the 14-day rule—sometimes called the "Masters exception" because of its popularity in Georgia during the annual Masters golf tournament—is the most important for anyone considering renting out a vacation home. Under this rule, you don't report any of the rental income you earn from the short-term rental, as long as you:

Rent the property for no more than 14 days during the year AND
Use the vacation house yourself 14 days or more during the year

If you meet the requirements of the 14-day rule, you do not have to report the income on your taxes and you don't deduct any expenses as a rental expense.

Use this link for tips on rental income.

If you do not meet that criteria then click this link for steps for entering your rental property.

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