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Airbnb Property Renters-Schedule C or Schedule E

Posted on 3/28/17 at 5:17 pm
Posted by LSU5508
New Orleans
Member since Nov 2007
3617 posts
Posted on 3/28/17 at 5:17 pm
I've talked to a few CPA's and both were unsure of if Airbnb was to be reported on Schedule C or Schedule E. My reading is that if a unit is being used for full time rentals that has an average rental period of less than 7 days you are required to file schedule C and thus required to pay self employment tax. Anyone else have any guidance I would much rather file schedule E if I can.

I've also read that if I use it personally for more than 14 days or 10% then in falls under vacation home rules which goes back to schedule E

Also does Airbnb send out 1099's?
This post was edited on 3/28/17 at 5:36 pm
Posted by cjared036
Houston, tx
Member since Dec 2009
9569 posts
Posted on 3/28/17 at 5:52 pm to
I rented my house out for super bowl.

What is the minimum number of days before I need to report my income?

What if I am renting out a room as well? Do I report that income?
Posted by LSU5508
New Orleans
Member since Nov 2007
3617 posts
Posted on 3/28/17 at 5:55 pm to
Under 14 days a year and you are fine.
Posted by kc8876
Member since May 2012
2939 posts
Posted on 3/28/17 at 9:30 pm to
quote:

I've also read that if I use it personally for more than 14 days or 10% then in falls under vacation home rules which goes back to schedule E


Just say that you do use it for 14 days, you'll have at least that many days in a year that it
isn't occupied

quote:

Also does Airbnb send out 1099's?


Only if you make over 20,000 and 200 plus transactions

Posted by LSUFanHouston
NOLA
Member since Jul 2009
37115 posts
Posted on 3/28/17 at 10:34 pm to
Even if you rented out a property every day of the year, it would not rise to the level of an active trade or business.

Schedule E.
Posted by LSU5508
New Orleans
Member since Nov 2007
3617 posts
Posted on 3/28/17 at 10:37 pm to
Thanks. My understanding is it had more to do with the length of the rental averaging less than seven days .
Posted by rpg37
Ocean Springs, MS
Member since Sep 2008
47470 posts
Posted on 3/28/17 at 10:40 pm to
I don't think Airbnb even sends you a tax form unless you made over $20k from them.
Posted by LSU5508
New Orleans
Member since Nov 2007
3617 posts
Posted on 3/28/17 at 10:43 pm to
I think I will gross much more than that. No way I got 200 transactions though.
Posted by LSU5508
New Orleans
Member since Nov 2007
3617 posts
Posted on 3/29/17 at 12:04 pm to
Thanks.
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