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Airbnb Property Renters-Schedule C or Schedule E
Posted on 3/28/17 at 5:17 pm
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?
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 on 3/28/17 at 5:52 pm to LSU5508
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?
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 on 3/28/17 at 5:55 pm to cjared036
Under 14 days a year and you are fine.
Posted on 3/28/17 at 9:30 pm to LSU5508
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 on 3/28/17 at 10:34 pm to LSU5508
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.
Schedule E.
Posted on 3/28/17 at 10:37 pm to LSUFanHouston
Thanks. My understanding is it had more to do with the length of the rental averaging less than seven days .
Posted on 3/28/17 at 10:40 pm to LSU5508
I don't think Airbnb even sends you a tax form unless you made over $20k from them.
Posted on 3/28/17 at 10:43 pm to rpg37
I think I will gross much more than that. No way I got 200 transactions though.
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