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Concord Asset Management

Weekly Tax Tip – April 13, 2026

Justin Lopez, AIF®
April 13th, 2026

Vacation Home Rentals

If you receive money for the use of your primary residence, you may have to report this rental income on your tax return; this means that the “vacation home rental” classification can apply to your home, even if you don’t own multiple short-term rental properties.

The rental expense deduction is limited in the case of a property used as a home; the rental expenses cannot exceed the rent received. The rental income may not require reporting if you rent the house to your tenant for fewer than 15 days during the year.

A vacation home is a house, apartment, condominium, or other dwelling that you use to generate income, but you can also use it as a residence during the year. For tax purposes, it’s critical to divide the expenses of a property into personal and business purposes.

To report rental income and rental expenses, use Schedule E. In addition, rental income may be subject to a net investment income tax.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Source: IRS.gov, September 16, 2025

 

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