Every Airbnb Host's Tax Guide

by Stephen Fishman J.D.

Overview

The complete tax guide for Airbnb and other short-term rental hosts

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.

Learn everything you need to know about taxes, including:

• deductions you should be taking
• how to report your short-term rental income
• how to deduct losses and
• vacation home and tax-free rental rules.

Whether you rent your property through Airbnb, FlipKey, HomeAway, TripAdvisor, Craigslist, or VRBO, you want to make sure you understand these tax rules, including the new 20% pass-through deduction.

This edition covers the Tax Cuts and Jobs Act.

Product Details

ISBN-13:	9781413329353
Publisher:	NOLO
Publication date:	01/25/2022
Edition description:	Fifth Edition
Pages:	224
Product dimensions:	6.80(w) x 8.90(h) x 0.60(d)

About the Author

Stephen Fishman has dedicated his career as an attorney and author to writing useful, authoritative, and recognized guides on business, taxation, and intellectual property matters for small businesses, entrepreneurs, independent contractors, and freelancers. He is the author of 20 books and hundreds of articles, and has been quoted in The New York Times, Wall Street Journal, Chicago Tribune, and many other publications. Among his books are Every Landlord’s Tax Deduction Guide, Deduct It! Lower Your Small Business Taxes, and Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Gig Workers of All Types, published by Nolo. He is a two-time recipient of the Independent Book Publishers Association’s Benjamin Franklin Award.

Table of Contents

1. Introduction: Who This Book Is For 2. How Short-Term Rental Hosts Are Taxed 3. Tax-Free Short-Term Rentals 4. Deducting Your Expenses: The Basics 5. Operating Expenses 6. Repairs 7. Deducting Long-Term Assets 8. Prorating Your Deductions 9. Reporting Rental Income on Your Tax Return 10. Filing IRS Form 1099 Information Returns 11. Deducting Losses for Short-Term Rentals 12. Record Keeping [Checklist about the various tax deductions available and how to deduct losses.] Index

Interviews

Renting your main home, vacation home, or other residential property through short-term rental hosting websites like Airbnb, FlipKey, HomeAway, TripAdvisor, or Craigslist is a great way to earn extra income. However, how much money you actually end up pocketing depends on the taxes you must pay on the rental income you earn.

Complex tax rules apply to short-term residential rentals. In some cases, the income you earn from renting your home can be completely tax free. On the other hand, some short-term landlords have to pay not only income tax on their profits, but Social Security and Medicare taxes as well. If you don't take all the deductions to which you're entitled, you'll pay more tax than you need too"”something the IRS will never complain about! If you incur losses, you'll need to jump through a series of legal hoops to deduct those losses from the other income you earn.

There are many books that explain how to market and efficiently run short-term rentals. But this is the only book that is dedicated to showing you how to maximize your profits by minimizing the taxes you must pay on your rental income.

Editorial Reviews

"2018 Gold winner Benjamin Franklin Award." Independent Book Publishers Association

"2017 Foreword INDIES Book Finalist." FOREWORD REVIEWS

"This plain-language guide explains the ins and outs of taxes for short-term rental hosts. The rules covered here apply to short-term rentals arranged through online rental platforms such as Airbnb, FlipKey, HomeAway, TripAdvisor, and VRBO, as well as short-term rentals made through Craigslist or through offline local advertising, word-of-mouth, or any other means. Guidelines are given on record keeping, reporting income, deducting expenses and losses, qualifying for tax-free treatment, and repairs. The book contains line by-line guidance on filling out specific IRS forms. This second edition reflects current tax law, including the Tax Cuts and Jobs Act and the 20% pass-through deduction. The publisher's web site offers legal updates, articles, FAQs, and legal forms." Eithne O'LeyneEditor, ProtoView

From the Publisher