{
  "id": "RS22052",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RS22052",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 314428,
      "date": "2006-04-26",
      "retrieved": "2016-04-07T19:04:07.803029",
      "title": "Tax Treatment of Short Term Residential Rentals: Reform Proposal",
      "summary": "Generally, taxable income has included rental income from real property. However, an\nexclusion\nfor  de minimis  (1)  rental income (from the rental of a taxpayer's\nresidence for a period of less than 15 days per year) was enacted by the  Tax Reform Act of\n1976, \n( P.L. 94-455 ). Since that time, a number of tax reform proposals have called for inclusion of\n de\nminimis  rental income as taxable income. The most recent proposal was contained in a report\nprepared by the Joint Committee on Taxation at the behest of Senators Grassley and Baucus. The\nproposal would cap the currently unlimited exclusion at $2,000 and rental income greater than\n$2,000 would be included as taxable income. Deductions for operating costs associated with the\nrental period (and depreciation) would be allowable but would reduced in proportion to the ratio of\nexcludable income to total rental income from the property. The effective date would be for taxable\nyears beginning after the date of enactment.\n The proposed changes would provide more equitable tax treatment of income than current law,\nbut at the cost of increased record-keeping for taxpayers and enforcement problems for the Internal\nRevenue Service. It appears that no changes would be made to present-law treatment of expenses\nallowable to taxpayers (e.g., mortgage interest, property taxes, and casualty losses). The Joint\nCommittee on Taxation has estimated that the proposal would increase revenues by approximately\n$10 million each fiscal year. \n This report will be updated in the event of legislative changes. \n \n   \n   1.  In this report,  de minimis  refers to a small number\nof rental days and is not necessarily meant to imply small dollar amounts.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
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}