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Podcast: Belk on Business
Episode: The Augusta Rule - Episode 197
Description: The Augusta Rule – Belk on Business – Episode 197
The Augusta Rule (IRS Section 280A) allows homeowners to rent out their primary residence as a vacation or short-term rental or rent to a business for up to 14 days per year without needing to pay tax on the rents collected. There are compliance components be able to use the rule:
1) The residence must be rented for 14 days or less during the calendar year. If rented for more than 15 days, all the rental income becomes taxable.
2) The rental amount must be reasonable – fair market value...