Property Depreciation Basics for Airbnb Hosts

For those Airbnb Hosts who also own their home, depreciating your property can be an advantageous tax deduction that will reduce your taxes. This article provides you with the knowledge necessary to take the depreciation deduction.  What Is Depreciation? Depreciation is a method used to determine how much of the assets (e.g. your home) value has been used up. For Airbnb rental owners, the cost of buying or improving your home can be depreciated. Depreciating these assets in a […] […]

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Top 3 things you need to know in the sharing economy 2017

More and more people are entering the sharing economy at a record pace. According to a survey done by PwC, 19 percent of the total US adult population has now engaged in a sharing economy transaction in some way. Of that growing demographic, many of those engaged as sharing economy workers say that they’ve joined the sharing economy (Airbnb, Uber, Lyft, TaskRabbit, etc.) in an effort to supplement existing income. Many workers in the sharing economy say that an upcoming vacation, a wedding […] […]

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2017 Tax Updates for 1099 Contractors

With a new presidential administration and Republicans controlling the House and Senate, 2017 is expected to bring a number of tax changes for both individuals and businesses. For 1099 contractors, it is especially important that you keep up with these changes so that you can ensure that your taxes are properly filed. To help you keep up with the latest changes, here is a list of the latest 2017 tax updates for 1099 contractors.New Tax BracketsFor 2017, there will be some adjustment to the tax b […] […]

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Estimating Income Taxes for 1099 Independent Contractors

If you participate in the sharing economy by working as a 1099 contractor or by renting your home on Airbnb, you know that you will likely be required to pay taxes on your income. But just how much do you need to save in order to cover your tax payments? Here is a brief guide to help you determine how much to put aside for Airbnb and 1099 contractor taxes.1099 ContractorsIn most cases, sharing economy workers are considered as 1099 contractors for tax purposes. The only way you would not be cons […] […]

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Filling requirements for airbnb hosts in canada

Determining whether you are considered as a resident or non-resident of Canada can be quite confusing given the fact that receiving rent from Canadian real estate or disposing of Canadian real estate can make you subject to Canadian income taxes. This article will help provide guidance for U.S. Residents who have Airbnb’s in Canada and the respective reporting requirements.  For Non-Residents If you are a non-resident of Canada and you have taxable rental income in Canada as a res […] […]

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