Every Airbnb Host's Tax Guide

Description

Cover Title Page Table of Contents 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 Properly 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 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 Book Registration and Updates