818444
I own a mixed use townhouse with a shop on the ground floor and a two bedroom flat above. The shop is rented out all year long, while I let out the flat on a short term basis via Airbnb between April to November. My family goes and stays at the flat from time to time during the remainder of the year.
I efiled my 2018 taxes which were accepted in March, but I have just received a letter from the IRS requesting a Schedule C. When I did my taxes online using Turbotax, my Airbnb income was declared as foreign earned income (I am a US citizen but live full time in Europe), but the system never asked me to fill out a Schedule C and so it was never submitted. I can fill one out now but I'm wondering if I should have declared the Airbnb income on Schedule E instead, next to my rental income from the ground floor shop. Can someone please shed some insight on this? And if I should have filled out the info on Schedule E, should I now amend my tax return or just submit Schedule C as IRS has requested?
You might need to know how much I materially participate in the Airbnb business. Since I don't have a full time job, my main work is the management of my Airbnb. I handle all the bookings/guest communications, purchase supplies, arrange for things to get fixed and do many of the turnarounds. I don't provide breakfast or daily maid service.
Any help would be greatly appreciated! Thank you very much.
You'll need to sign in or create an account to connect with an expert.
Duplicate. Answered here --> https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-short-term-rental-...
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
m-kominiarek
Level 1
laquisa92
New Member
kristinacyr
New Member
gtchen66
Level 2
johntheretiree
Level 2