Augusta

[ianleonard]

How can i take advantage of the Augusta Rule, what are the pre-requisits.

[tagteam]

See https://www.law.cornell.edu/uscode/text/26/280A

[tagteam]

(g) Special rule for certain rental use. 

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.