Vacation money can be hard to come by. During the Masters from April the 2nd through the 9th, hotels are often overbooked and you might find that private homes are higher in demand. If you are a homeowner during this time and have been planning to take a vacation, then maybe you should consider renting out your home to a guest and their family and make some vacation money for yourself.
Odds are your home is a thousand times better than any motel and you can charge a hefty fee for renting it out since the demand is higher with little to no competition. Need more convincing? Here’s a big push to get you off your feet and on that dream vacation: you may qualify for a tax-free income on the temporary tenant in your home while you are away.
Need Some Extra Vacation Money?
That’s right, there is a little known provision in the tax code that does not require taxpayers to recognize money that they receive from renting out their home for less than fifteen days per year. Of course not everyone has a home near where the masters takes place, but you might be surprised what other great locations temporary renters are looking for. Do you life near other large sporting events?
This may include golf or tennis tournaments, championship games of any kind, or other high attendance venues. With that said, this idea isn’t for everyone. Giving strangers access to your personal belongings does bring its own set of challenges. If you are considering this idea, then you should probably discuss it with your tax professional prior to making a definite decision. I know it’s hard to believe that you can make money while you are on vacation, but it’s true. Check out this page at the IRS for more information on how you can make a little extra money while on vacation.
