A family makes over $100,000 tax-free renting out their home to billionaires for one week in April. Welcome to the Masters housing frenzy.
"doubles in size" for one week each year. There aren't enough hotels to hold the swelling population, Golf Digest said, so golfers, their entourages, brands, and visitors alike all turn to the area's homes to meet their lodging needs. For locals, renting their houses during the elite tournament pays off handsomely.
Mack said they outfitted their home in custom furnishings and added a 3,000-square-foot addition to the main home as well as a guest house and basketball court"because we saw it as an investment for our family. We obviously get a very big number for Masters week." What Hayley Mack did concede, though, is that she recently hosted a billionaire philanthropist who is"not Justin Timberlake famous, but billionaire famous."
For the Macks, that rent is tax-free. It's called The Augusta Rule, and allows homeowners nationwide to forgo reporting rent collected for 14 days or fewer on a residence that isn't a primary business on their individual tax return.Tipton Sholes
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