topic Re: Deductions for Airbnb in Self employed

Deductions for Airbnb

almanza33 — Wed, 30 Aug 2023 18:29:50 GMT

Can I use my water, electric, gas, internet and phone bills for deductions as a sole proprietor for airbnb?

Re: Deductions for Airbnb

evelynm — Wed, 30 Aug 2023 18:43:35 GMT

Hello and Happy Wednesday:

Love the entrepreneurial spirit of the Airbnb. If you rent out a room, rather than the entire house, for over 14 days, you include the income on your taxes and you can take business expenses. However, you can’t deduct 100% of expenses like mortgage interest and property taxes when you are not renting 100% of the house. These must be apportioned between personal and business use of your residence - just like utilities too.

Here is a great resource with further details to guide you: https://turbotax.intuit.com/tax-tips/rental-property/10-tax-tips-for-airbnb-homeaway-vrbo-vacation-rentals/L8CEWgLSP

Re: Deductions for Airbnb

MarthaT — Wed, 30 Aug 2023 18:47:06 GMT

Thank you so much for your question and yes you can claim your Utility bills and internet as well as your phone bill. The only problem is that you need to calculate a percentage of how much of these bills you used for AirBnb business and how much was used for personal and only deduct the business portion. You can find more information on https://turbotax.intuit.com/tax-tips/rental-property/10-tax-tips-for-airbnb-homeaway-vrbo-vacation-rentals/L8CEWgLSP.

Thank you so much and I hope this answered your question