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No, the business would not issue you a Form 1099-MISC for your income.
Based on the fact that you do offer significant personal services in addition to the accommodations of your property complicates the situation somewhat. If you provided these services for every guest instead of giving them the option to choose the services, then you could report the income and expenses on Schedule C instead of Schedule E. The overall income for the Schedule C business would serve as your “income” and be subject to self-employment tax. If the business had an overall loss, then the loss would reduce other income items on your return.
The situation is similar with Schedule E in that any overall income from the rental property will be included on your return as income (not subject to self-employment tax). However, if there is an overall loss for the rental property, then it would likely be a passive loss (unless you qualified as a real estate professional or met certain income requirements to claim the loss) that would only reduce other passive income or be carried forward to future tax years.
No, the business would not issue you a Form 1099-MISC for your income.
Based on the fact that you do offer significant personal services in addition to the accommodations of your property complicates the situation somewhat. If you provided these services for every guest instead of giving them the option to choose the services, then you could report the income and expenses on Schedule C instead of Schedule E. The overall income for the Schedule C business would serve as your “income” and be subject to self-employment tax. If the business had an overall loss, then the loss would reduce other income items on your return.
The situation is similar with Schedule E in that any overall income from the rental property will be included on your return as income (not subject to self-employment tax). However, if there is an overall loss for the rental property, then it would likely be a passive loss (unless you qualified as a real estate professional or met certain income requirements to claim the loss) that would only reduce other passive income or be carried forward to future tax years.
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