Synopses & Reviews
Synopsis
Understanding taxes is an essential part of any profit-making endeavor--including short-term rental hosting through Airbnb and similar online platforms. If you don't understand the unique tax issues that arise when you rent your property short term, you can miss out on many valuable deductions and other tax benefits. You also risk running into problems with the IRS if you don't keep proper records or report your rental income properly.
This book gives short-term rental hosts all the knowledge and strategies they need to ensure they pay no more tax than legally necessary.
Synopsis
The tax guide for Airbnb and other short-term rental hosts If you're a short-term rental host, you need to understand the unique tax rules that apply whenever you rent your property through Airbnb, FlipKey, HomeAway, TripAdvisor, Craigslist, VRBO, or any other online platform. That way, you can make sure you take all the deductions you're entitled to, pay no more tax than you're required to, and you stay out of trouble with the IRS. This book--the first of its kind--provides all this information in a practical, reader-friendly format.
Tax Guide for Short-Term Rentals: Airbnb, HomeAway, VRBO and More has everything you need to know about taxes for short-term rental hosting, including:
- the tax deductions you should be taking
- how to report your short-term rental income
- how to deduct losses
- information on vacation home and tax-free rentals
- how to allocate costs when you rent a room in your home
- how to keep proper records.
Don't pay more in taxes than you need to, and don't risk problems with the IRS. As a short-term rental host, you're entitled to many valuable deductions and other tax benefits. But you need to claim them--the IRS won't do it for you. This book shows you how to pay no more tax than necessary on your short-term rental income while complying with IRS rules.
Synopsis
Note from the author: All the information in the book remains up-to-date for the 2017 tax year. The changes brought about by the Tax Cuts and Jobs Act all take effect in 2018, except for an increase in bonus depreciation which took effect September 27, 2017. In addition, anyone who purchases the book has access to an update page on the Nolo website specific to this book which summarizes how the new tax law affects hosts' taxes for 2018 and later. A new edition of the book, completely updated for the new tax law, will be published August 1, 2018. 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 pay no more tax than necessary on your rental income while complying with IRS rules.
Learn everything you need to know about taxes, including:
- what deductions you should be taking
- how to report your short-term rental income
- how to deduct losses
- vacation home and tax-free rental rules
- how to allocate costs when you rent a room in your home, and
- how to keep proper records.
Whether you rent your property through Airbnb, FlipKey, HomeAway, TripAdvisor, Craigslist, or VRBO, you want to make sure you understand these tax rules. That way, you can rest assured you are making the most out of your hosting business without risking problems with the IRS.