That depends. If you rent your home fewer than 15 days out of the year, you get to keep all of the money you earned – tax free! You can still also deduct your expenses related to your rental efforts as itemized deductions.
On the flip side, if personal use of your rental property exceeds 14 days, you can deduct your rental expenses based on the percentage of time it was used as a rental. Your rental expense deduction will also be limited to the amount of rental income you receive.
Here's more info on Vacation Rentals.
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