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Ways to Generate Tax Free Income from your Property

The USA tax code heavily favors home ownership and real estate in many ways. The taxation laws in USA have a tendency to support some forms of incomes which can be considered as tax free income, one of which owns a real estate or a home. Section 280A (g) gives permission to a home owner to rent out a portion of the house or a complete house for upto 14 days without paying any taxes on the subsequent income.

Earn tax free income on events and carnivals

People can take advantage of this law during events and festivals when tourists come to visit a particular event and need a place to stay for a short period of time.

If a carnival, event, sports gathering or any such activity is held in your city then it’s a great time for you to earn some good money without paying tax on it.

This law can also be utilized by small business owners; they can rent a property for less than 15 days in a place where they have to carry out meetings etc. But to get the advantage of the law, it is important that the business fulfill the tax papers and other requirements.

This Law can also be utilized by the people of entertainment industry. Directors usually need houses for shooting. Their task on a particular site does not take more than 15 days. If they select such a site, it is advantageous for the owner of the house, since he/she enjoys rent as well as his tax is saved.

As a conclusion it can be stated that this a form of tax free income on a limited scale which the society often adopts to its own benefit, a loop hole that can be filled.

Call 888-557-4020 or contact us online at http://www.mytaxhelpmd.com/contact-us/

By |2016-02-18T03:25:26+00:00February 18th, 2016|Blog|0 Comments

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