by Lynne Adkins
PHILADELPHIA (CBS) — If you’re planning to travel this summer, there’s a good way to make some extra money at the same time.
You can rent your primary residence for some extra cash now, then take deductions on your taxes according to Damian Gaspari, Senior Tax Manager of CBIZ MHM in Plymouth Meeting.
He says you only need to report the income if you rent the property for longer than two weeks, but then you can deduct mortgage, insurance, utilities, and the like.
“Let’s say you get a $1000 renting your house for the month and your expenses are in excess of a $1000, let’s call it $1200, you’d report $1000 and expenses of only $1000. You would not be able to report the extra $200 and report a tax deductible loss on your tax return,” said Gaspari.
If the rental is just a week, it’s just money in your pocket.