Super Bowl Tax - My9 New Jersey

Super Bowl Tax

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Montclair, New Jersey (My9NJ) - The Super Bowl is coming to New Jersey and the Garden State is expected to gain between $500 and $600 million in revenue from the big game. In addition, it is estimated that there will be about a half-million visitors coming through during the week of festivities.

Many New Jersey homeowners are rushing to put their homes up for rent, and tax accountant Jerry Bobal explained how these people may be able to wave a federal tax. “Because there’s a specific section of the internal revenue code which states that if you rent your residence for less than 15 days during the year, that rental income is tax free,” he said.

The rule only applies to federal income tax, so that state is still going to take a chunk of money that you make from renting your home, but Uncle Sam is not going to take a penny.

Janice Amatucci plans to rent her 3 bedroom home in Upper Montclair for $3,000 a night for four nights.

“When I found out that I didn’t have to declare it on my taxes it was an added incentive to rent my house out,” she said.

Many towns close to MetLife Stadium are taking advantage of the influx in visitors and the demand for places to stay. Some are hosting Super Bowl events leading up to the big game and even providing shuttle bus transportation to and from mass transit hubs in order to make it more convenient for people to stay in their specific town.


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