Do you have an extra bedroom or a granny suite that’s begging to be turned in to a rental? You could rent it as a mixed-use property, also known as shared-use property or dual-use property, to offset your housing expenses. However, mixed-use properties carry special tax rules that affect how you account for income and […]
Category: Airbnb Taxes
The Best Airbnb Bookkeeping System
One of the most important aspects of operating a successful Airbnb is bookkeeping. Proper Airbnb bookkeeping can make a difference in your bottom line and help you operate more efficiently. Let’s explore some bookkeeping solutions for Airbnb that will help make you a successful host. Airbnb Bookkeeping Basics One of the most important considerations for […]
7 Tax Tips to Maximize Your Airbnb Deductions
Are you maximizg your tax deduction? Short-term rental hosts are eligible for a variety of tax benefits and deductions. If you want to keep as much of your rental income as possible, you must familiarize yourself with Airbnb taxes. […]
Can Airbnb Hosts Claim a Home Improvement Tax Deduction?
If you’re a homeowner, deducting the cost of repairs or improvements to your home could yield substantial tax savings. However, whether you can deduct these expenses depends on your circumstances. Airbnb hosts can write off many items that most homeowners can’t, but it again depends on how they use the property in question. Let’s explore […]
Estimated Tax Payments for 1099 Independent Contractors
Find everything you need to know to correctly estimate and pay your quarterly taxes in this complete guide. […]
Does High Inflation Impact Real Estate Investments?
JPMorgan Chase CEO Jamie Dimon directly addressed inflation on a recent earnings call. He stated that, “inflation could be worse than people think,” and “I don’t think it’s only temporary.” Homeowners should pay close attention to Dimon’s insight, as a strong correlation exists between inflation and real estate values. As such, we’ll use this article […]
Top 5 Tips to Reopen Your Airbnb
With most of the pandemic finally behind us, many places around the country are starting to reopen. With bookings picking up throughout the country, it’s a good time to think about reopening your Airbnb if you have not done so already. After over a year’s hiatus in the travel and hospitality industry, people are itching […]
Can Airbnb Help You Save on Taxes?
It costs money to make money. And running your Airbnb business is no exception. You have to account for cleaning costs, maintenance expenses, supplies, and listing improvements. While it seems like these expenses can add up, they may be beneficial when it’s time to file and pay your Airbnb taxes. Operating an Airbnb can offer […]
How Does VRBO Work?
The short-term rental industry has been on the rise over the last several years. While travel restrictions and mandates put a damper on the travel industry during the pandemic, things are revving back up quickly as things get back to normal. And home-sharing, or short-term rental accommodations, are a popular choice for both travelers and […]
Airbnb Laws in NYC: A Guide for 2021
Millions of Americans use Airbnb as an outstanding source of income. But short-term leasing can expose hosts to a gauntlet of local regulations. In places like New York City, where rules are strict, it can be a challenge to host on Airbnb. This article will outline the short-term leasing Airbnb laws in NYC, and how […]