In certain circumstances, a taxpayer could rent her personal residence at a profit and not pay any tax on the income.

Question

Quizplus · Accepted Answer

According to the IRS, if a taxpayer rents out her personal residence for fewer than 15 days in a year, the income generated from the rental is tax-free. Therefore, if the taxpayer rents out her personal residence for fewer than 15 days and makes a profit, she will not have to pay any tax on the income.

In Certain Circumstances, a Taxpayer Could Rent Her Personal Residence