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Airbnb and taxes
Posted on 1/5/19 at 4:48 pm
Posted on 1/5/19 at 4:48 pm
Airbnb in MS shows up on my end as remitting taxes on my behalf (the host). This I assume is sales tax only. If this is correct, what kind of tax am I supposed to pay on my earnings (about $12k this year) - capital gains, income, etc.?
Furthermore, is this the same kind of tax that is supposed to be paid as if someone had a roommate and the owner of the house charged rent to them?
Just want to make sure I am understanding all these taxes...
Furthermore, is this the same kind of tax that is supposed to be paid as if someone had a roommate and the owner of the house charged rent to them?
Just want to make sure I am understanding all these taxes...
5
Posted on 1/5/19 at 5:05 pm to rpg37
Talk to an accountant if you don’t understand your situation.
Posted on 1/5/19 at 5:06 pm to rpg37
It is income
Posted on 1/5/19 at 5:54 pm to rpg37
Airbnb tax remittance Mississippi
This post was edited on 1/5/19 at 5:55 pm
Posted on 1/5/19 at 11:05 pm to rpg37
quote:
I supposed to pay on my earnings (about $12k this year)
What area are you doing this in if you don't mind me asking?
We are looking to do an air bnb in the Bay St. Louis area.
Posted on 1/5/19 at 11:10 pm to mandevilletiger34
Oxford, MS. 80% of the money comes in from the home football game weekends and graduation.
Posted on 1/7/19 at 3:10 pm to rpg37
If Airbnb collects any tax, they are responsible for all sales tax related to the time of purchase. So everything including tourism taxes, bed taxes, etc. they are either supposed to collect none or all, there is not supposed to be multiple bodies collecting and paying for each stay.
But on another note, goodness man you need to figure out your taxes and tax basis BEFORE the year is over. It should be before you start your business not wait until tax season and figure it out.
But on another note, goodness man you need to figure out your taxes and tax basis BEFORE the year is over. It should be before you start your business not wait until tax season and figure it out.
Posted on 1/7/19 at 3:43 pm to rpg37
It's likely to be rental income, but there are also likely to be deduction you can take against that income.
You need to talk with a CPA.
You need to talk with a CPA.
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