Mark Kohler explains that under the IRS Paperwork Reduction Act, rental income from renting your home 14 days or fewer per year is tax-free. Large corporations pay $10,000 to $30,000 weekly for short-term rentals in places like Augusta, creating a legal way to earn untaxed income.
Here's the deal. The IRS says under the Paperwork Reduction act, said, hey, if you only rent out your house for 14 days or less, we don't want. You are not committing tax fraud if you don't claim that income. So under two weeks, rent the hell out of your house. Well, little did the IRS know that these huge corporations will pay 10, 20, 30 grand a week for these homes in Augusta. All of a sudden, families are like, I'm going to rent out my house. And I can bank on my house, five, ten grand and it's tax free. Yeah. So that became known as the Augusto. Renting out your home, taking a tax free income.
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