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Summer Tax Tip #4 – Rent out Your Primary Residence

Rent-web

Do you live in an area where a major summertime event — such as the U.S. Open golf tournament, the Hampton Classic horse show or the San Francisco Marathon — will be held? If you rent out your home for no more than two weeks, you don’t have to comply with the usual tax rules. In other words, you aren’t taxed on the rental income — it’s completely tax-free — but you can’t deduct rental-based expenses either.

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