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Reporting Vacation Rental Income

June 18, 2012/in Tax Tips/by revel


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Rental Property Income

Make sure you properly report income earned from renting a property. (Photo Credit: office.microsoft.com)

If you earn income from renting a vacation property, then you will need to report the following on your taxes:

  • Income earned from renting houses, apartments, condos, mobile homes, boats, etc. needs to be reported
  • Schedule E is normally used to report rental income and certain rental expenses
  • Expenses claimed from a property used as a vacation home and personal residence must be divided between personal and rental use (personal use is considered more than 14 days or 10% of the total days the property is rented)
  • Income is not required to be reported for a property that is used as a personal home but is rented for fewer than 15 days/year

Sources + Forms
Schedule E (Form 1040), Supplemental Income and Loss – IRS.gov

Tags: Rental Income, Schedule E, Vacation Property
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https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png 0 0 revel https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png revel2012-06-18 15:52:382018-03-27 20:54:15Reporting Vacation Rental Income

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