It seems like a great idea. A financially stable person wants to help out a struggling family member by offering to rent their property at a bargain rate. Generous, yes. But if you are unaware of the tax consequences, you could find yourself being taxed on the rental income yet having any rental expenses disallowed.
Today you can find me at Forbes sharing the rules you need to be aware of before renting a home to a relative.
The IRS’s Hobby Loss Rules puzzle many people, especially those rocking the side gig. A general rule of thumb is that if your business is profitable for two out of the last five years, it’s a business. But that isn’t the whole story.
Today you can find me on the FreshBooks blog, sharing tips for keeping your side hustle out of the dreaded Hobby Loss zone.