Going away for two weeks? The bad thing about going on vacation is that you will be spending some of your hard-earned money. Well, that’s a given but should it always be like that? How about earning an income while you’re away.
You can rent out your home for those two weeks that you’re out. Income tax on rent is tax exempt if you rent out your home for less than 15 days a year. That exactly fits your two-week vacation schedule. However, if you’re renting out your home for more than 15 days, all rental income you receive will be reportable. However, you may be able to deduct expenses for insurance, repairs, and utilities.