Renting Out Your Property While on Assignment: The Best Way to Keep Your Tax Home
Published by Administrator On
17 Sep, 2021
Considering renting your home while on assignment? Keep Transplant Housing in mind for stress free management of your property while legally maintaining a tax home. Contact them today at firstname.lastname@example.org to get started. Still not sure? Keep the following guidelines in mind when it comes to taxes:
Did you know travel professionals are more likely to be audited by the IRS because of the tax free money they are making? When it comes to receiving tax free money as a travel nurse, determining what a ‘tax home’ is can cause a lot of anxiety. The guidelines in place that can be found on the official IRS website are ambiguous and the verbiage leaves most of us scratching our heads. Luckily there are a lot of resources out there ready to provide their expertise. However, how each company interprets this a little differently as well. Thus, the bottom line is to choose to file your taxes, keep records and receive income in a way that you feel most comfortable with (just in case a dreaded audit ever presents itself).
For a quick review here are the three guidelines required to have a tax home. You need 2 of the 3 to be able to claim that you have one and receive your tax free benefits: 1. You still work regularly in vicinity of your permanent residence (where you get mail, register your car, pay bills, etc.). 2. You have a permanent residence that you continue to upkeep while on location at your job (mortgage, rent, repairs). 3. You have not abandoned your tax home and plan to live there approximately 30 days out of the year. For an in depth look at this, check out this great online resource.
Unless you plan to rent long term to friends/family that you can stay with when you are home OR rent only a portion of your home so that you have a designated area to return to (this does not include storage), renting your home as short term rental is favorable over a long term rental to meet these tax requirements. Plus since you can coordinate renting your home with your own travel assignment, it’s a no brainer! This way, you would still have an opportunity to occupy your home for part of the year AND make extra income.
Whether you’re a renter, property owner or investor, let Transplant Housing deal with management of your rental and help you get the right tenant for your property here. They are known for their great customer service and will be able to address all your questions before getting started to tailor to your specific needs. They are providing a great service for all parties involved with unique time frames and needs. You can rest assured your property is in good hands as a property owner while also being taken care of as a tenant. The biggest advantage is obvious: additional income with the peace of mind that you are providing great opportunities for other potential travelers.
Still have questions? Get them answered via email here. You can also check out some basic FAQs here.