Draw a Picture. Enjoying your creativity can be a wonderful way to relieve stress, and it's not just an activity for artists. It's been proven that drawing and coloring can effectively relieve stress, so pick up a pencil and doodle.
In fact you don't even have to report the income to the IRS. Your rental income is tax free if, during the year: 1  you rent out your home for 14 days or less), and. 2  the home is used personally for more than 14 days, or more than 10% of the total days it is rented to others at a fair rental price. ( 3 IRC Sec. 280A(g).).
Cash or the fair market value of property or services you receive for the use of real estate or personal property is taxable to you as rental income. In general, you can deduct expenses of renting property from your rental income.You can generally use Form 1040, Schedule E (PDF), Supplemental Income and Loss, to report income and expenses related to real estate rentals.or information on income from these rentals, or from renting at an amount less than the fair market value, refer to Topic 415. If you do not use the rental property as a home and you are renting to make a profit, your deductible rental expenses can be more than your gross rental income, subject to certain limits.