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10 midyear tax moves to make now

Taxes » Tax Filing » 10 Midyear Tax Moves To Make Now

Be a short-term landlord
Be a short-term landlord © dora modly-paris/Shutterstock.com

Your home already offers a lot of tax breaks. Renting it for a couple of weeks this summer could offer another benefit: extra tax-free income.

As long as you rent your residence for less than 15 days, the income is tax-free. It doesn't even have to be reported on your tax return.

This is a boon for homeowners in places that host special events, such as music festivals or sporting events like the NFL's Super Bowl or major league sporting franchises' playoff games.

A short-term rental of a second home also has no tax consequences if that other property meets certain conditions.

While you must be careful to meet the tax code occupancy and rental time limits for your primary residence or vacation home, the calendar coordination can pay off nicely. Depending on an event's popularity, homeowners have been able to turn two weeks of rent into a month or more of mortgage payments.

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