Finally, An Airbnb Tax Guide
It looks like someone is paying attention.
It may not be the IRS, but at least someone is tending to the tax clarifications of those who are hosting overnight guests in their homes and not a moment too soon. Tax season is literally around the corner.
The popularity of Airbnb is growing as other online rental companies pop up to join in the rewards.
The IRS is quick to demand taxes, but to date they have not published any guides to help the short-term rental hosts with the unique tax issues that arise from renting out their properties.
Econotimes.com has recently published an article about just such a guide saying that “Nolo published the guide by expert tax author Stephen Fishman.” According to the article, “Many books and websites cover marketing an Airbnb property or provide hosting tips, but until now no resource has focused exclusively on tax issues affecting short-term rentals. Tax Guide for Short-Term Rentals gives the do-it-yourself landlords of the short-term rental space advice on tax rules to ensure they take all entitled deductions, pay no more tax than is legally required, and stay out of trouble with the IRS.”
It might be a good idea for tax preparers to snag a copy before the tax season fires up. Helping clients get the deductions they deserve legally is always a good idea.
As econotimes.com points out, “Short-term rental hosts are entitled to a variety of significant tax benefits. But you need to claim them; the IRS won’t do it for you.” They quoted author Stephen Fishman as stating, “Our goal in writing this book is to show short-term rental hosts how to navigate these rules and save money.”
Below are some of the topics covered.
- The tax deductions short-term rental hosts should be taking
- How to report short-term rental income
- How to deduct losses
- Information on vacation home and tax-free rentals
- How to allocate costs when renting a room in one’s home
- How to keep proper records
As the article states, “The title is currently available for purchase in print at major bookstores or online at https://store.nolo.com/products/every-airbnb-hosts-tax-guide-arbnb.html, where it can also be downloaded as an eBook.”