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but we’re here to dig a little bit
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[Music]
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deeper Let’s tell you where to not learn
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about it Tik Tok If you want to learn
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what not to do and what the rule is not
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and cannot be go to Tik Tok It’ll also
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be highly amusing frustrating If you
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want to learn what the rule actually is
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it’s really pretty simple Go to code
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section 280 cap G2 and it’s going to
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tell you that a taxpayer can rent out a
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personal residence for up to 14 days per
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year tax-free It’s nicknamed the Augusta
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rule because what made it popular what
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got people listening to it and hearing
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about it was the press coverage of
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people on the Augusta Golf Course when
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the tournament would come in renting out
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their homes for 10 $20,000 per day
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making sure they rented the homes for
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only 14 days or less So reaping a
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windfall and paying absolutely no taxes
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on it We put a little bit of a twist on
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it A lot of people don’t want to let
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strangers into their home So they’re not
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willing to rent it out to whomever shows
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up That could get entertaining or bad
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They’d rather rent it to themselves And
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done properly it works We start
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involving more code sections Because a
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taxpayer is renting the property to
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their business more complexity is
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involved Strings are attached We’re
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going to walk through those strings one
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by one in great detail to show how this
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really is not a gray concept renting
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your personal residence to a business
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The business gets a tax deduction The
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taxpayer receives the money and pays no
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income tax on it It’s a little bit
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complicated We’ll walk you through it
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We’ll make it simpler What’s the problem
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There’s a checklist for the clients A
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lot of clients just don’t want to do it
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You know how entrepreneurs can be They
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want to do their thing They view all of
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us tax professionals as backroom
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nuisances We can simplify things If you
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want a detailed discussion of the law
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and guaranteed results for your clients
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sign up at theaugustarrule.com
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