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Get your taxes done using TurboTax
Rentals under 14 days for the year don't have to be reported on your tax return at all. Since this is your first year in operation, I recommend using this allowable exclusion to simplify things for you this year.
Next year, when you have more rental income, you can set up your investment in the property as an asset and begin to depreciate it to provide expenses to lower your taxable income on the rental of the space.
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March 18, 2025
3:24 PM