Either way, you'll need to upgrade to Turbo Tax Self-Employed.
Rental activity for
Airbnb may be reported in two different areas of your tax return, for specific
reasons, and with different outcomes.
Please
review this article for a discussion of these options so you may choose the
most appropriate place to report this on your return: http://www.nolo.com/legal-encyclopedia/tax-issues-when-renting-your-home-airbnb-vrbo.html
Most
taxpayers chose to report Airbnb rental activity on Schedule E:
- Click Federal on
the left-hand side tab.
- Click Income & Wages along the
top.
- Scroll down to Rentals, Royalties,
and Farm, and click Show More.
- Click Start or Revisit
by Rental Properties and Royalties (Sch E) to report
AirBNB as a rental property.
See
this link for more: Where do I enter income and expenses from
a rental property?
If you
provide services to your guests and
choose to report your income from Airbnb as self-employment on Schedule C:
- Click Federal on
the left-hand side tab.
- Click Income & Wages along the
top.
- Scroll
down to Self Employment, and click Show More.
- Click Start or Revisit by
Income and Expenses.
See
this link for more: Where do I
enter income and expenses from a business?
In summary, if your income is solely related to rent, then you can report it on Schedule E. Reporting your income on Schedule C also triggers a 15.3% self-employment tax on your Form 1040.
