This is the first of series of videos on the tax implications of renting property. After a brief overview of rental property in general, the video goes into what does and does not constitute rental property.

CORRECTION/CLARIFICATION:

When you receive rental income for less than 15 days use of a property, the rent is reported in full on line 8z of Schedule 1 with the description "shortterm rental." This amount is then taken as an adjustment on line 24z of Schedule 1 with the description "nontaxable short term rental." You must still keep any records/contracts with regard to the transaction in case it is questioned.

Other videos on rental property:
Rental Expenses:    • Taxes for Landlords, part 2:  Rental ...  
Depreciation and Amortization:    • Taxes for landlords, part 3  Depreci...  
Schedule E:    • Taxes for Landlords 4:  Putting it al...  
Rental Loss Limitations:    • Taxes For Landlords: Rental loss limi...  
Selling Rental Property:    • Taxes for Landlords, pt. 5: Selling a...  

Additional Resources and Information:

IRS Publication 527: "Residential Rental Property": https://www.irs.gov/pub/irspdf/p527.pdf

IRS Publication 925: "Passive Activity and AtRisk Rules": https://www.irs.gov/pub/irspdf/p925.pdf

IRS Schedule E: "Supplemental Income and Loss": https://www.irs.gov/pub/irs.pdf/f1040...

If you want to know the every day basics of how to be a landlord, web articles aren't going to help much. However, there are dozens of books on the subject available at Amazon.com, your local bookstore, or your local library.

The book I've used is: The Weekend Landlord, by Joseph A. Landon, 2006. It was in its 2nd edition when I bought it, but it may've been updated since then. It is still available through Amazon, if you're interested.

The Tax Geek on Twitter: @taxgeekusa

The Tax Geek on Reddit: www.reddit.com/r/askataxgeek

Image Attribution Wikimedia Commons C.C.S.A. (2.0 4.0)

NatGeoLover
Baltimore Heritage Commission
Sightline Inst.
Joe Ravi
Stilfehler
Spike

Intro Music: "Bluesy Vibes" Doug Maxwell YouTube Audio Library

Background and Outro Music: George Street Shuffle, Kevin McLeod, http://incompetech.com via YouTube Audio Library

DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.

The tax information in this video is based on tax law and IRS regulations in place when this video was published, and is subject to the whims of Congress.