{"id":257,"date":"2018-04-20T15:42:16","date_gmt":"2018-04-20T15:42:16","guid":{"rendered":"http:\/\/cpamorey.com\/blog\/?p=257"},"modified":"2018-01-10T20:53:37","modified_gmt":"2018-01-10T20:53:37","slug":"what-you-need-to-know-before-you-rent-your-vacation-home","status":"publish","type":"post","link":"https:\/\/cpamorey.com\/blog\/what-you-need-to-know-before-you-rent-your-vacation-home\/","title":{"rendered":"What You Need to Know Before You Rent Your Vacation Home"},"content":{"rendered":"<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-medium wp-image-259\" style=\"margin-right: 15px;\" src=\"http:\/\/cpamorey.com\/blog\/wp-content\/uploads\/2018\/01\/ThinkstockPhotos-495053592-300x209.jpg\" alt=\"Laguna Beach\" width=\"300\" height=\"209\" \/>Renting out a second home can help defray the cost of owning and maintaining the property. And there may be valuable tax benefits from the rental arrangement as well. At <a href=\"http:\/\/www.cpamorey.com\">Morey &amp; Associates<\/a>, an <a href=\"http:\/\/www.cpamorey.com\/\">Orange County CPA firm<\/a>, we understand the tax implications and can help you make the most of renting your vacation property.<\/p>\n<p>Here are some things to think about if you are going to rent out a vacation property.<\/p>\n<h2>Two Week Rule<\/h2>\n<p>Your rental income won\u2019t be taxable as long as you limit the number of rental days to 14 or fewer each year. In this situation, you won\u2019t be able to deduct your rental expenses (other than property taxes and qualifying mortgage interest).<\/p>\n<h2>More Than 14 Rental Days<\/h2>\n<p>Once you exceed 14 rental days, all rental income becomes taxable to you. But you may deduct various rental expenses. There are different limits on rental deductions depending on your personal use of the home.<\/p>\n<p>All expenses associated with renting out the property, such as utilities and maintenance, are potentially deductible if you limit personal use of the home to no more than the greater of (1) 10% of the total number of days the home is rented or (2) 14 days. However, if there\u2019s a rental loss, the tax law\u2019s passive activity rules may limit your loss deduction.<br \/>\nWhere personal use exceeds the 10% or 14-day threshold, your tax deductions for rental expenses generally will be limited to the amount of rental income you collect. No loss is allowed.<br \/>\nTo learn more about vacation homes and taxes, give us a call today at 949-759-5626. Our knowledgeable and trained staff is here to help from our two office locations in Newport Beach and San Clemente.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renting out a second home can help defray the cost of owning and maintaining the property. And there may be valuable tax benefits from the rental arrangement as well. At Morey &amp; Associates, an Orange County CPA firm, we understand the tax implications and can help you make the most of renting your vacation property. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/posts\/257"}],"collection":[{"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/comments?post=257"}],"version-history":[{"count":1,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/posts\/257\/revisions"}],"predecessor-version":[{"id":260,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/posts\/257\/revisions\/260"}],"wp:attachment":[{"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/media?parent=257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/categories?post=257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cpamorey.com\/blog\/wp-json\/wp\/v2\/tags?post=257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}