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Air BnB Taxes

skimble

TUG Member
Joined
Jun 9, 2005
Messages
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Location
Murrieta, CA
I've signed up for Airbnb, and they want my tax info. They will issue a 1099. Am I going to be charged capital gains taxes?
And, can I deduct my maintenance fees against my income?
 

vacationhopeful

TUG Review Crew: Rookie
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Northeast USA
Capital Gains Tax? For renting out sleeping space.

That 1099 is for GROSS RECEIPT OF INCOME ... you can deduct itemized costs YOU incurred to generate that income. As for Capital Gains ... if you take or CAN TAKE depreciation for your rental assets .. like the furniture, rugs, the house ... when you sell the asset .. YOU get to recapture the taken or NOT TAKEN depreciated assets.

WHY? If you think a 1099 is only for Capital Gains ... IMHO >>>> HIRE a TAX ACCOUNTANT BEFORE you start this opportunity to make money.
 

carl2591

TUG Review Crew: Veteran
TUG Member
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Location
Raleigh NC
Resorts Owned
Joined TUG '96, Wyndham Grand Palms AKA, Presidential Villas at Plantation Resort, 3 bed lockout.
airbnb

uncle sam sticking his hand in your pocket.. welcome to the rental business, it can be good or bad depending on YOU...
 

WinniWoman

TUG Review Crew: Veteran
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The Weirs, New Hampshire
Resorts Owned
Innseason Pollard Brook
Even if you rent a timeshare week, technically you are supposed to report it. Our resorts make you fill in a tax form when someone rents out their week.
 

chapjim

TUG Review Crew: Veteran
TUG Member
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Location
Fairfax County, Virginia
Resorts Owned
Wyndham VIPF & PresRes, HVC/DRI (Gold), Quarter House (4), Resort on Cocoa Beach (2), HGVC Tuscany Village, HGVC South Beach-McAlpin, HGVC Parc Soleil
"Technically" is a misleading qualification. Rental income is to be reported just like any income. Different IRS schedule, that's all.
 
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