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Category: Tax
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I hope this wont be tool long a question. My question concerns

Resolved Question:

I hope this won't be tool long a question. My question concerns Publication 527 (2010), Residential Rental Property. I am a Realtor and in my area we are having a major PGA golf tournament coming Pennsylvania in 2013. I have several clients wanting to rent their homes and I want to make sure I have correct information:

1. According to the Publication, as long as the rental period is no longer than 15 days, the income does not have to be declared (as long as the owner's home is their primary residence) on the Federal form. Is this correct?

2. If correct, will the owner have to declare the income on his/her state tax form?

3. If #1 is correct, is there a limit to how much rental income does not have to be declared? That is, some homes may rent for $20,000and some may rent for $150,000.

Submitted: 5 years ago.
Category: Tax
Expert:  CGCPA replied 5 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

1.Correct, as long as the rental period is for less than 15 days.

2.No, the state returns start with Federal income so there will be no reporting if the rental is for less than 15 days.

3.No income maximum or minimum, just the less than 15 day rule.

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