The 14 days don’t have to be consecutive, said Bob Meighan, the vice president of customer advocacy for TurboTax. So you don’t necessarily need to live near a large, one-time event to take advantage of the exemption. You can also rent for a day or two here and there and pay no taxes, as long as the total is fewer than 15 days. “It is one of the best tax benefits available, for those who know about it,” Mr. Meighan said.

Here are some questions and answers about tax rules when renting your home:

If I rent my home for 14 days or less, can I deduct any expenses I incur?

You can’t deduct direct costs, like utilities, that result from the rental, Mr. Gruda said. But if you usually take a deduction for home mortgage interest and property taxes, you can continue to take that on your tax return.

What if I rent out my home for 15 days or more?

Once you exceed the 14-day limit — even if it’s just by one day — the two-week exemption goes away. All the money you made must be reported and will be subjected to income tax. “There’s no give or take on that one,” Mr. Meighan said.

In that case, however, you can reduce the tax you owe by deducting related rental expenses, like cleaning fees, repairs and the like, said Amy Wang, senior technical manager for tax advocacy at the American Institute of CPAs. Since the rental is now considered a business, both the income and the deductions would be reported on Schedule E. “It can be complex,” she said, so “keep good records of all your expenses.”

Do I have to pay local taxes on money I earn by renting my home?

Short-term rentals — typically, those of 30 days or fewer — are often subject to state and local lodging or “transient occupancy” taxes. You may have to pay these taxes, usually based on a percentage of the rental fee, even if you don’t owe income taxes. Check with your local, county or state government to see what rules apply in your area.