If you are looking for ways to save on your taxes?
The Augusta Rule may be a great option for you. The rule allows Mom and Dad to rent a room in their home or rent their entire house tax-free as long as they follow three simple rules.
Rule 1: Mom and Dad cannot rent their home for more than 14 days during the year. This rule is in place to prevent people from using the Augusta Rule to avoid paying taxes on their rental income.
Rule 2: To obtain any tax-free rent, Mom and Dad must personally use the place they rent to you for more than 14 days during the year.
Rule 3: When you stay with Mom and Dad, another family, or friends, you also need to pay a commercial rate, which the IRS refers to as a fair market rental rate.
Want to save on taxes by renting from Mom and Dad? Let’s Talk! ->Schedule Your Free Augusta Assessment Now!<-
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