Every Airbnb host's tax guide
Book - 2018
As a short-term rental host, you're entitled to many valuable deductions and other tax benefits. This book--the first of its kind--shows you how to make the most out of your hosting business without risking problems with the IRS. The book covers the new tax law, including the new 20% pass-through deduction. Whether you rent your property through Airbnb, FlipKey, HomeAway, TripAdvisor, Craigslist, or VRBO, you want to make sure you understand these tax rules. This new edition is completely updated to cover the new Tax Cuts and Jobs Act.
Saved in:
- Subjects
- Genres
- Law for laypersons
- Published
-
Berkeley, California :
Nolo
[2018]-
- Language
- English
- Other Authors
- Online Access
- View legal updates
- Item Description
- "Maximize your income while avoiding problems with the IRS."--Cover.
- Physical Description
- volumes ; 23 cm
- ISBN
- 9781413329353
- 1. Introduction: Who This Book Is For
- 2. How Short-Term Rental Hosts Are Taxed
- Income Taxes
- Social Security and Medicare Taxes
- Net Investment Income Tax
- Local and State Occupancy Taxes
- 3. Tax-Free Short-Term Rentals
- Short-Term Rentals That Qualify for Tax-Free Treatment
- Effect of Qualifying for Tax-Free Treatment
- 4. Deducting Your Expenses: The Basics
- What You Can Deduct
- How Your Tax Status Affects Your Deductions
- Deductions for Multiple Owners
- 5. Operating Expenses
- What Are Operating Expenses?
- Direct Expenses Deductible in Full
- Operating Expenses That Must Be Allocated
- 6. Repairs
- Repairs Versus Improvements
- Deducting Repairs for Short-Term Room Rentals
- Three Safe Harbors
- Repair Versus Improvement: Analysis Under the Regulations
- How to Deduct Repairs and Maintenance
- When Guests Pay for Repairs
- Property Document Repairs
- 7. Deducting Long-Term Assets
- Depreciating Property Used in Your Rental Activity
- How to Depreciate Real Property
- Personal Property
- 8. The Pass-Through Tax Deduction
- Your Rental Activity Must Be a Business
- Your Rental Activity Must Be a Pass-Through Business
- You Must Have Qualified Business Income
- You Must Have Taxable Income
- Calculating Your Pass-Through Deduction
- Taking the Pass-Through Deduction
- Strategies to Maximize the Pass-Through Deduction
- 9. Prorating Your Deductions
- Direct Expenses Are Fully Deductible
- Expenses That Must Be Prorated
- Calculating Personal and Rental Days
- 10. Reporting Rental Income on Your Tax Return
- Most Hosts Use Schedule E to Report Rental Income
- Schedule E Line-by-Line
- Completing Schedule E When You Have a Rental Loss
- Hosts Who Don't File Schedule E
- 11. Filing IRS Form 1099 Information Returns
- When Someone Else Reports Your Rental Income to the IRS
- Reporting Payments You Make to ICs and Other Workers
- Backup Withholding for Independent Contractors
- 12. Deducting Losses for Short-Term Rentals
- What Are Rental Losses?
- Which Rental Loss Rules Apply
- Vacation Home Rules
- Hotel Business Rules
- Regular Rental Activity Rules
- Annual Loss Limits
- 13. Record Keeping
- What Records Do You Need?
- Tracking Income and Expenses
- Supporting Documents for Your Expenses
- Property Usage Record
- Index