How do I report airbnb income on my apartment rental

Forum|Forum|7 years ago
June 1, 2019
3 replies
126 views

I rented an apartment in NYC and airbnb'd it at end of year as I moved in with my partner. how do I report this income as I was using it to pay my rent.

TurboTax Premier Online

Best answer by PatriciaV

Note: If you rented this property for 14 days or less, you are not required to report the rental income. But you also cannot deduct any related expenses.

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.

Start under Wages & Income, 1099-Misc and Other Common Income, Income from 1099-Misc (or search for "1099-MISC"). Even though Airbnb probably gave you only an Earnings Summary, enter the income reported to you as if from 1099-Misc and indicate that you may also have income for 2016 from the same source. (Note that if you have any expenses, you will be prompted to upgrade). Based on your entries, TurboTax will prepare Schedule C-EZ for your return.

[revised 2/3/17 for clarity]

PatriciaVAnswer

Level 15

Note: If you rented this property for 14 days or less, you are not required to report the rental income. But you also cannot deduct any related expenses.

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.

Start under Wages & Income, 1099-Misc and Other Common Income, Income from 1099-Misc (or search for "1099-MISC"). Even though Airbnb probably gave you only an Earnings Summary, enter the income reported to you as if from 1099-Misc and indicate that you may also have income for 2016 from the same source. (Note that if you have any expenses, you will be prompted to upgrade). Based on your entries, TurboTax will prepare Schedule C-EZ for your return.

[revised 2/3/17 for clarity]

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N

ngamero

Level 2

Schedule E assumes that I own this property that I am renting a room out of. I'm just a renter myself. How do I get around this?

L

Leeser1

Level 2

You could use C if you considered yourself in the business of renting but there is also a Schedule E that allows you to report the income, take expenses as deductions, and avoid having to pay self-employment tax. That could be more appropriate for you. See Nolo Press: http://www.nolo.com/legal-encyclopedia/tax-issues-when-renting-your-home-airbnb-vrbo.html

D

DeltaGirl

Level 2

I airbnb'd 95% of a home that I was living in and renting myself in 2018 the entire year. My Airbnb income paid for all of the rent for that year. Do I need to claim the income on my return? If I must claim it as income, which Turbo Tax software do I use? I also work full time for an employer.