Short Term Rental Schedule E

If I give gift bags to my short term rental guests, can i write off the costs of contents on Schedule E as supplies?

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Yes, as long as the gifts are a necessary and ordinary business expense and they cost less than $25 per gift. You can learn more from this IRS article.

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My son lives in my 2nd home year round and pays the mortgage which is a lot less than fair rental prices. Do I report it as income or is this a case of cost sharing with a close family member?

in Investors & landlords

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