Bed and breakfast filing status

hudgie45 — Mon, 03 Jun 2019 18:49:57 GMT

I have gotten two different answers to this question. I have and airbnb rental. Do I claim it as a business or a rental? If it is a rental, how do I get credit for start up expenses like purchases of real goods (furniture, linens, etc) under $250? Thank you

Rental activity for Airbnb may be reported in two differe...

NancyG — Mon, 03 Jun 2019 18:50:01 GMT

Rental activity for Airbnb may be reported in two different areas of your tax return, for specific reasons, and with different outcomes. Please review this article for a discussion of these options so you may choose the most appropriate place to report this on your return: http://www.nolo.com/legal-encyclopedia/tax-issues-when-renting-your-home-airbnb-vrbo.html

Most taxpayers chose to report Airbnb rental activity on Schedule E. If this applies to you, start under Wages & Income >> Rental Properties (or search for "Schedule E") and follow these instructions: Where do I enter income and expenses from a rental property?

If you provide services to your guests and choose to report your income from Airbnb as self-employment on Schedule C, you may be able to use Schedule C-EZ in the Deluxe and Premier versions of TurboTax Online.

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Bed and breakfast filing status

Rental activity for Airbnb may be reported in two differe...