Article Posted on 05/29/2019
Residents of Augusta are famous for renting out their properties for the Masters tournament and leaving town for a spring vacation. The price of rentals in Augusta for the Masters makes this a profitable enterprise for owner close to the golf course. Suggested rental price for a five-bedroom house close to the golf course is $9,000 to $11,000 per week. Eight to 10-bedroom houses can go for as much as $25,000 for the week.
Here is the beauty. The Tax Code has a loophole that says if you rent you house out for less than 14 days you do not have to pay tax on the rent.
You don’t have to live in Augusta to take advantage of this tax break. If you have a cabin in the mountains or by the beach or even your own home, if you rent for less than 14 days you do not have to declare the income. Warning: if you go for more than 14 days it gets complicated. I have even rented my house out to the accounting firm for a retreat and had the firm pay me a reasonable rent. Deductible by the company and not income to me.