Martha rents part of her personal residence in the summer for 3 weeks for $3,000.Anne rents all of her personal residence for one week in December for $2,500.Anne must include the $2,500 in her gross income whereas Martha is not required to include the $3,000 in her gross income.

Question

Quizplus · Accepted Answer

Both Martha and Anne are required to include the rental income in their gross income, as the rental of personal residences for more than 14 days per year is considered taxable income by the IRS.

Martha Rents Part of Her Personal Residence in the Summer