The cost of homeownership is rising, but many homeowners are offsetting the increasing costs by renting parts of the home. Renting your home is a great way to earn extra money from your most valuable asset, but you should consider the tax implications of renting your primary residence before you open for business. Sharing Your […]
Category: Airbnb Taxes
Watch Out for These Airbnb Scams by Guests
In the realm of short-term rentals, Airbnb hosts must be vigilant about scams. We put together this helpful guide to Airbnb scams by guests to equip you with the knowledge and strategies you need to protect yourself from the most common scammer tactics. Introduction to Airbnb Scams Being an Airbnb host comes with numerous advantages, […]
What is a Qualified Personal Residence Trust
In estate planning, one effective way to minimize taxes is through a Qualified Personal Residence Trust (QPRT). This trust offers a chance to reduce the taxes owed on your home, making it a valuable tool in tax-saving strategies for your estate plan. What is a Qualified Personal Residence Trust [QPRT]? A Qualified Personal Residence Trust […]
Can I Write Off Rent as a Business Expense?
Whether you have a home office or are renting a commercial building, you may be wondering if it’s feasible to write off rent as a business expense. For business owners and freelancers, rent can be used as a tax deduction. However, there are strict guidelines you must follow to claim this tax break. Can You […]
Airbnb Rental Arbitrage: Explained By Pros
Airbnb rental arbitrage has emerged as an intriguing option in the shared economy space, promising potentially lucrative returns with strategic planning. But as with any venture, it’s a balance of reward and risk. Before diving into its depth, it’s essential to understand the landscape of opportunities and the potential hurdles lying ahead. What is Airbnb […]
Vacation Rental Bookkeeping: Top 6 Tips
Running a vacation rental can be exciting and financially rewarding. Managing the financial aspect of your business is essential, and there is more to do beyond counting the money flowing into your bank account. We’ll look at the best practices for vacation rental bookkeeping and mistakes to avoid. Vacation Rental Bookkeeping Basics Vacation rental operators […]
What is Cost Segregation, and Can It Lower Your Taxes?
Cost segregation can help you reap huge tax savings, and it’s an excellent defense against an IRS inquiry. But, how does it work? What is Cost Segregation? When you purchase real estate, you need to split the purchase price between the building and the land. A cost segregation analysis helps you determine the proper allocation […]
High Rates and Mortgage Interest Deduction Limits 2023
If you’re thinking about wading into homeownership or are considering refinancing this year, it’s important to know how the mortgage interest deduction will affect you. The IRS limits the amount of mortgage interest that homeowners can deduct. We’ll take a look at the mortgage interest deduction limits for 2023, how mortgage interest affects your deductions, […]
Short-Term Rental Market: 2023 Airbnb Outlook
The past few years have been a bit of a wild ride for the short-term rental market. In the earliest days of COVID, the demand for travel dried up quickly. This was followed by a period of high demand as people looked for more remote vacation destinations. While we have yet to determine for sure […]
Can Hosts Claim Airbnb Experience Tax Deductions?
Airbnb Experiences can provide hosts with a lucrative supplement to their rental earnings. Some resourceful entrepreneurs even use them to generate revenue despite not having property to rent. However, can you earn Airbnb Experience tax deductions from your expenses? We’ll explain the rules and qualifications for deducting Airbnb Experience expenses in this handy guide. Are […]