Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return.
However, if you rent the property for only a short time each year, you may not be required to report the rental income.
The IRS offers these tips on reporting rental income from a vacation home such as a house, apartment, condominium, mobile home or boat:
You are considered to use the property as a residence if your personal use is more than 14 days, or more than 10% of the total days it is rented to others if that figure is greater. For example, if you live in your vacation home for 17 days and rent it 160 days during the year, the property is considered used as a residence and your deductible rental expenses would be limited to the amount of rental income.
IRS Publication 527, Residential Rental Property (Including Rental of Vacation Homes), is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676). The booklet offers more information about rental property, including special rules about personal use and how to report rental income and expenses.
June 10 — Employees who work for tips
If you received $20 or more in tips during May, report them to your employer - Details
June 10 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of May.
June 14 — Regular method taxesDeposit the tax for the last 16 days of May.
June 15 — Individuals
If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file - Details
June 15 — Individuals
Make a payment of your 2016 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment - Details
June 15 — Corporations
Deposit the second installment of estimated income tax for 2016 - Details
June 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in May.
June 15 — Nonpayroll withholdingIf the monthly deposit rule applies, deposit the tax for payments in May.
June 27 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 16 days of May.
June 29 — Regular method taxes
Deposit the tax for the first 15 days of June.
June 30 — Wagering tax
File Form 730 and pay the tax on wagers accepted during May.
June 30 — Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in May.
June 30 — Floor stocks tax for ozone depleting chemicals
(IRS No. 20). Deposit the tax for January 1, 2016.