Have you ever heard of the “Augusta rule?”
If you didn’t, don’t feel bad.
From my experience, most people are not familiar with this.
Each year, the Masters golf tournament is held at the Augusta National Golf Club in Augusta, Georgia.
Back in the 1970s, the residents of Augusta wanted to rent their homes to spectators who would stay in Augusta during the tournament, without having to report it on their tax returns.
They got their wish.
The IRS allowed them to exclude up to 14 days of rental income from their tax returns, regardless of their income bracket.
The best part of this is that you don’t need to live in Augusta to take advantage of this, and it still applies today.
There are some rules (check with your tax professional), but most people can take advantage of this by renting their house for 14 days each year and not paying taxes on it.
Golf isn’t so bad after all!