I am new to short term rentals this year so any advice or resources would be helpful.
What kind of expenses can I write off? I am assuming sheets, towel, toiletries, etc. How about utilities, water, power? Anything else I am missing?
I live in my place and my county considers me a legal permanent resident because I rented it out less than 71 days this year. The 71 days are scattered throughout the year. How do I figure out amounts to deduct? Can I just total power, water and cable at the end of the year and take 19.4% of it (71 divided by 365) because that was the amount of time it was rented out?
Thanks!
Kelly
