If you have a vacation home, or thinking about purchasing and renting one, here are important tips you need to know.
If you rent your home for less than 15 days, you may not have to report the income. This means you can be getting tax free rental income.
If you do rent your vacation home for more than 15 days a year, you have to report it. But what you can claim is also impacted by how often you rent and how often you use it yourself.
It’s important to understand the rules and tips for reporting your rental income.
Watch the video below to understand how to report your rental income: