What is the augusta rule
The "Augusta Rule" refers to a provision in the U.S. tax code that allows homeowners to rent out their homes for up to 14 days per year without having to report the rental income on their federal income tax return. This rule is named after the city of Augusta, Georgia, where the annual Masters Golf Tournament is held, and many homeowners rent out their homes during the event for significant amounts of money. The Augusta Rule is found under Section 280A(g) of the Internal Revenue Code. It states that if you use a dwelling unit as a residence and rent it for fewer than 15 days during the tax year, you do not include the rental income in your gross income. Consequently, you also do not deduct any expenses as rental expenses. Key points about the Augusta Rule: 1. **Personal Use**: The property must be used personally for more than 14 days or 10% of the total days it is rented to others at a fair rental price, whichever is greater, to qualify as a residence. 2. **Rental Period**: The exclusion from income applies only if the home is rented out for less than 15 days during the tax year. 3. **No Deduction of Rental Expenses**: While the rental income is excluded from taxation, you cannot take any deductions for rental expenses incurred during those 14 days or fewer of rental. 4. **No Effect on Other Deductions**: You can still deduct qualified residence interest, property taxes, and casualty losses on
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