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Investors & landlords
It depends on the level of service being provided. If you are providing a level of service like a hotel or even a bed & breakfast you will report the activity on a Schedule C.
If you are simply providing a room with no other type of service it would be reported on a Schedule E. If you decide to report on a Schedule E for 2020, it is recommended to amend 2019 if the level of service was the same in both years.
Please take a look at this link for more information on short-term rental activity: 10 Tax Tips for Airbnb, HomeAway & VRBO Vacation Rentals
‎January 23, 2021
1:58 PM