Renting Out Your House During Papal Visit? Expect Some Benefits Come Tax Time
By Lynne Adkins
PHILADELPHIA (CBS) -- If you're renting your house during the papal visit, don't forget there are tax savings to be pocketed.
Renting out your whole house, or just a room for 14 days or less, will put some cash in your pocket now, and savings on your tax return in April.
Steven Rossman, a CPA at Drucker and Scaccetti in Philadelphia, says you won't have to pay federal taxes on the profits.
"If you got a thousand dollars a day for example, if you rented it out for the whole week for the World Meeting of Families then it could be a couple thousand dollars, and if somebody was in the 30-percent tax bracket it could be 5-6-700 dollars of tax."
You will have to pay Pennsylvania's 3-percent tax, and if you're in Philadelphia there's now a 8 and a half percent hotel tax for the Pope's visit.