2013 News for Your U.S. Income Taxes

 Posted on August 21, 2013 in Family Law

Two week income tax free rental income!

You can now rent your home our for less than 15 days during the year and the rental income is income tax free. In fact, you do not have to report the income from renting your home on your Federal income tax return.

You do not even have to be next to a baseball or football stadium or on a golf course to have the benefit of this tax break, although it is nicknamed the "Masters provision."

This benefit also works for owners of vacation homes or second homes. Check with your tax professional to see how this can work for you.

If you are in need of advice from a reliable Hinsdale attorney, contact the Law Offices of Martoccio & Martoccio at 630-920-8855.