2856830
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Paid by family member to manage property

How do I handle this?  I'm planning to report this on a Schedule C with the job "Assistant Property Manager" because APMs can property manage in my state without a license as long as they don't advertise their service.  Is that right?

 

I also own and manage two Airbnbs one of which accrues a lot of miles.  Can I allocate some of those miles to aforementioned Schedule C, and the remaining to that Airbnb Sch E?

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
GeorgeM777
Expert Alumni

Paid by family member to manage property

Perhaps.  Given your ownership and management of two Airbnbs, it appears you are in the business of managing properties.  Thus, if a family member asked you to manage a property and paid you compensation, then Schedule C is probably the correct form to complete.  

 

Whether APMs can manage properties in your state without license under certain conditions, is something on which we cannot offer an opinion.  

 

The mileage needs to be allocated to the specific business.  When it comes to reporting miles, you want to have accurate and detailed records that are created contemporaneously with your business trips.  Thus, you want to keep a log book, with the dates, miles driven, purpose of trip for each AirBnb and the other property.  Here is an IRS mileage log obtained from IRS Publication 463.  

 

 

@myraccoon

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
GeorgeM777
Expert Alumni

Paid by family member to manage property

Perhaps.  Given your ownership and management of two Airbnbs, it appears you are in the business of managing properties.  Thus, if a family member asked you to manage a property and paid you compensation, then Schedule C is probably the correct form to complete.  

 

Whether APMs can manage properties in your state without license under certain conditions, is something on which we cannot offer an opinion.  

 

The mileage needs to be allocated to the specific business.  When it comes to reporting miles, you want to have accurate and detailed records that are created contemporaneously with your business trips.  Thus, you want to keep a log book, with the dates, miles driven, purpose of trip for each AirBnb and the other property.  Here is an IRS mileage log obtained from IRS Publication 463.  

 

 

@myraccoon

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Paid by family member to manage property

Thank you.  That helps a lot.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question