Listing a property on Airbnb can be a great source of extra income. But, the convenience of using this platform comes at a cost. To pay for its services and […]
Category: Airbnb Taxes
Do I Have a Section 1245 Property?: How to Find Out & Why It Matters
As a business owner, you need to buy, use, and – eventually – dispose of the property. And, when you sell something, the IRS wants to get its cut of […]
AirBnB Atlantic City: New Taxes for Hosts – Detailed Guide
Many homeowners use Airbnb to make money from their property, and, as usual, city governments want a piece of the action. Several cities have imposed special taxes on Airbnb and […]
Can an Airbnb Host Qualify as a Real Estate Professional?
For Airbnb hosts, determining whether you should be considered as a real estate professional is very important as it can have a major impact on your tax liabilities. Here is what a real estate professional is and how this status affects how much in taxes you will have to pay each year.What is a Real Estate Professional?According to the IRS, a real estate professional is a taxpayer who spends the majority of his or her time in real property businesses. To meet this specification, the taxpayer mus […] […]
Short-Term Rental Profit Academy Review: Is it Legit?
The short-term rental (STR) industry has seen a massive boom over the last several years. These days, many travelers prefer Airbnb or VRBO over traditional hotels. And this trend has […]
Is It Cheaper to Buy or Build a House to Expand Your Airbnb Business?
Many travelers are beginning to prefer homeshare platforms over traditional hotels, and platforms like Airbnb and VRBO are growing at an incredible rate. These easy-to-use platforms provide property owners with […]
How to File Your Airbnb Estimated Taxes
The IRS classifies your Airbnb earnings as income, and you have to pay taxes on those earnings. If you expect to owe more than $1,000 in 1099 taxes, you must […]
How to Avoid Airbnb Backup Withholding
Airbnb doesn’t typically hold back any funds for taxes. You still have to pay taxes on your earnings, but Airbnb doesn’t pay them for you. You’re considered self employed, so […]
Occupancy Tax Rates for Airbnb in Major Cities
A few years ago, cities began to realize that Airbnb rentals were eating into their tax revenues. At the time, Airbnb hosts weren’t paying taxes like hotels, so many US […]
Are REITs a Good Idea for Airbnb Hosts?
What is a Real Estate Investment Trust?A REIT, or Real Estate Investment Trust, is a company that owns or provides financing for income-producing real estate. Similar to mutual funds, REITs have shareholders and pay out taxable income as dividends. REITs enable ordinary investors to invest in portfolios of properties via the purchase of stocks. The majority of REITs are traded on major stock exchanges, however there are also public non-listed REITs and private REITs. REITs generally fall into tw […] […]