Airbnb has risen in popularity over the last several years for both travelers and individuals looking to make an extra income. However, Airbnb hosts have to deal with tax ramifications. Many hosts are surprised to find out they owe estimate taxes on their earnings. Here, we’ll outline Airbnb estimated taxes and tax planning tips to […]
Category: Airbnb Taxes
Airbnb vs Renting: The Best Option for STR Income
If you own property, you have options. There are a variety of ways to generate steady cash flow from your real estate holdings. Renting is one of the most obvious ways to earn money from your property, but some owners prefer listing their short-term rentals on Airbnb. However, local regulations against home-sharing are becoming more […]
How to Access the Airbnb Superhost Relief Fund
Nationwide lockdowns have taken a significant toll on the travel industry. Airbnb bookings are nosediving all over the country. The economic disaster has left many hosts wondering how they are going to make ends meet. Fortunately, Airbnb is offering assistance to some hosts through its Superhost Relief Fund. Here’s what you need to know. What […]
4 Tax Planning Tips For Short-Term Rental Hosts
Airbnb hosting is a first-time business for many, so a lot of hosts aren’t familiar with the intricacies of the tax system. However, a little Airbnb tax planning can help you save a lot of money at the end of the year. You don’t have to overhaul your whole business because a few minor tweaks […]
Beyond Taxes: How to Optimize Your Airbnb
As an advisor to Airbnb hosts across the country, we’re constantly asking, how can we add value for our clients? We spend hours keeping up with the latest changes in the short-term rental space so that we can show clients how to reap tax benefits from their investments and how to minimize their taxes once […]
Airbnb Tax Help: Video Walkthrough
One of the most lucrative ways to earn an income in the Sharing Economy is through home-sharing platforms like Airbnb. Airbnb allows homeowners to rent out their vacant properties and spare bedrooms. If you’re an Airbnb host, the IRS classifies you as self-employed and applies certain tax rules to your business. As a result, you […]
The Best Tax Checklist for New Airbnb Hosts
As a new Airbnb host, you will be responsible for saving for taxes along with other regulatory requirements. Before you open your area to your future guests, you might want to think about the tax implications before you start hosting. Below is a tax checklist for new Airbnb hosts. Tax Checklist #1: Follow Local Short-Term […]
Should You Put Your Rental Property in a Trust?
Life is short. Although thinking about the what happens when you or loved ones pass away, forcing yourself to do it ahead of time will make things much easier for your loved ones when it comes dealing with your finances and assets. It is the responsible thing to do. With home sharers who own property, one of the most common questions we get is whether a trust is a valuable vehicle for asset protection and estate planning. Putting your home in a trust offers a number of benefits, […] […]
The Most Pressing Airbnb Tax Questions
Short term rental platforms like Airbnb and VBRO have increased in popularity over the last several years. What once started out as a part-time income for some, has been scaled to quite a profitable enterprise for others. Regardless of if you are a part-time or full time, you probably have some Airbnb tax questions. Taxes […]
Top 5 Airbnb Tax Deductions For Hosts
Airbnb tax deductions can help hosts save a bundle at tax time. Each deduction reduces your tax liability, so they play an important role in tax planning. There are tons of deductions, but all of them aren’t obvious. However, you’ll get the most benefit by using as many as you can. These are 5 of […]