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Investors & landlords
you will most likely be reporting on schedule C
to say "most likely" is a bit misleading. In order to qualify as a SCH C business, one must provide services on a recurring basis that are beneficial to the tenant. For example, daily maid service, laundry servicies, meal prep services, etc.
Many of the STRs in my area do not provide such services. Those services performed between tenants do not count as a service that is beneficial to the tenant. So if that's all that is done, the income/expenses are reported on SCH E.
Now, we all know the oxymoronic ruleset, right?
Rule #1 - For every rule there is an exception.
Rule #2 - There are no exceptions for Rule #1.
Same holds true for short term rentals. The best "plain language" explanation of this that I can find at the moment, is at https://taxsmartinvestors.com/short-term-rentals-sch-c-or-e/ which discusses the Section 469 exception. But don't make assumptions/decisions based on what you read on that website. One really needs to read the actual IRC, as it seems there's been a number of court challenges over the last few years that has resulted in the IRC being revised. I'm not sure, but I think I saw a website that says it's under revision for the 2022 tax year. So it's possible my referenced site above may be out of date.