I have a short term rental property managed by evolve vacation rental. there is a nightly rent total, cleaning fee, plus 3% local tax. evolve takes 10% off of the nightly rent total. what should I include when turbo tax asks for rental income? What should I include as income? the gross nightly amount before evolve takes their cut? taxes, cleaning fees? any help appreciated. thanks
There are two ways to go about this, depending on what they actually reported to you. If you report the entire income amount, then you can take the expenses they charge you on Schedule E.
If they send you the net, the expenses are already taken out and you can't take them again. It works out to the same dollar amount either way.
they give a payout figure which is nightly rate plus cleaning fees and taxes minus their 10% of nightly rate and transaction fees. so I wont write off their management fees and the credit card fees. thanks