"HW "Skip" Weldon" <skip5700removethis[at]hotmail.com> wrote

- quote -

Rental of your personal residence of less than 15 days is
tax free (doesn't matter how much you get). Of course, you
can't take any deductions outside of the mortgage interest
and property tax.

It's always possible that Nunn pushed for the passage, or at
least took credit for it.

When the Olympics were in the "Big A", many people in town
rented for the minimum # of days to get the tax free cash,
and big bucks were exchanged for property close to the
venues.

http://www.irs.gov/faqs/faq-kw203.html
There is a special rule if you use a dwelling as a home and
rent it for fewer than 15 days. In this case, do not report
any of the rental income and do not deduct any expenses as
rental expenses. If you itemize your deduction on Form 1040,
Schedule A (PDF), Itemized Deductions, you may be able to
deduct mortgage interest, property taxes, and any casualty
losses. For additional information, refer to Tax Topic 415,
Renting Vacation Property/Renting to Relatives and
Publication 527, Residential Rental Property (including
Rental of Vacation Homes).

--
Paul A. Thomas, CPA
Athens, Georgia

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"HW \"Skip\" Weldon" <skip5700removet...[at]hotmail.com> wrote:

- quote -

She is right. Here's a quote from Pub 527:

"Rental of property also used as a home. If you rent
property that you also use as your home and you rent it
fewer than 15 days during the tax year, do not include the
rent you receive in your income and do not deduct rental
expenses. However, you can deduct on Schedule A (Form 1040)
the interest, taxes, and casualty and theft losses that are
allowed for nonrental property. See Personal Use of Dwelling
Unit (Including Vacation Home), later."

Dennis

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HW "Skip" Weldon wrote:

- quote -

That is correct.

MF

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HW "Skip" Weldon wrote:

- quote -

It was added by TRA 1976. As long as you use the property
as your main home for more than 14 days, you can exclude up
to 14 days of rental. It's right in the instructions for
Schedule E. See Line # 2 in Part I of the Schedule E where
you are asked a Yes or No question.

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"HW "Skip" Weldon" wrote...

- quote -

See, e.g.:
http://wscpa.com/taxinfo/2002/10/
http://homes.wsj.com/buysell/taxesan...0314-kim1.html

for a discussion of this issue.

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Believe it or not, the lady is correct. Members of Congress
from Georgia (don't know if it was Senator Nunn or not) were
able to pass legislation exempting rental income from
renting your residence for 14 days or less from taxation.
This legislation was directly aimed at benefitiing
homeowners in Augusta, Georgia who routinely rented their
residences to out-of-towners for the Masters golf
tournament.

The exemption applies to anyone who rents his/her main home
for less than 15 days anywhere.

Nice perk, huh!

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HW "Skip" Weldon wrote:

- quote -

Yes. Such occured down here at Columbus, GA back in 1996
when the Summer Olympics softball games were here. How
sweet it was, tax free rental income. See publication 527
probably.

ChEAr$,
Harlan Lunsford, EA n LA

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HW \"Skip\" Weldon" <skip5700removethis[at]hotmail.com> wrote:

- quote -

Yes, see Section 280A(g).

---
Drew Edmundson, CPA
Cary, NC

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- quote -

Sure. Rental income from your own home for less than 15 days
per year is not included in gross income, nor are the
associated rental expenses deductible. The unofficial cite
would be Pub 17, page 64. I'll give you a good deal during
NY State Fair week.

--
Don EA in Upstate NY

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HW \"Skip\" Weldon <skip5700removethis[at]hotmail.com> wrote:

- quote -

And Fort Gordon, my temporary home for two months one
otherwise beautiful summer. Fort Gordon has more red clay
per sq inch than anywhere else on earth. Or so it seemed.

- quote -

By statute, there is a de minimus rental period of two weeks.
Less than that and it's not a rental and there's no rental
income.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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"HW \"Skip\" Weldon" <skip5700removethis[at]hotmail.com> wrote:

- quote -

Section 280A(g): "Notwithstanding any other provision of
this section or section 183, if a dwelling unit is used
during the taxable year by the taxpayer as a residence and
such dwelling unit is actually rented for less than 15 days
during the taxable year, then—

"(1) no deduction otherwise allowable under this chapter
because of the rental use of such dwelling unit shall be
allowed, and

"(2) the income derived from such use for the taxable year
shall not be included in the gross income of such taxpayer
under section 61. "

My understanding is that this provision was originally
inserted in the Code to benefit Hollywood types who rented
their homes out for short periods of time, for use in a
movie.

Stu

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"HW \"Skip\" Weldon" <skip5700removethis[at]hotmail.com> writes:

- quote -

Yes it is.

If you rent the property out for less than 14 calendar days
in a year, any rental income you get is tax-free (and any
rental expenses you have are non-deductible).

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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"HW \"Skip\" Weldon" <skip5700removet...[at]hotmail.com> wrote:

- quote -

This is an opportunity open to anyone. It's a cottage
industry in Annapolis, Maryland for graduation week and
the Army-Navy Football weekend.

Dick

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The list of things about which I am clueless is impressive,
and it just got a little longer.

A client from Augusta Ga (home of the Masters) said that she
rented out her house during Masters week and the income was
tax-free. (They use the income for a first-class vacation
to the Caribbean each year during Masters week.)

Some homes on the river, she said, rented for up to $25,000
for that one week. She said that Senator Nunn (former
Senator from Ga) had pushed that specific legislation
through years ago.

Is this possible?

-HW "Skip" Weldon
Columbia, SC

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