Question

g Phil rented out his home for 12 days and collected $50,000 of rental income. How much should Phil include in his gross income for the 12 rental days

Answer 1

$0

Step-by-step explanation:

The rules regarding rental income of your house are simple. You must include all income that you earn from renting your house, condo, etc., if the total rental period for the year is more than 14 days (15 days or more). Since Phil only rented his house for 12 days, then he does not need to include it in his gross income.