Keep in mind that these deductions relate to federal income tax. Homeowners and property managers should especially pay attention to Tax Cuts and Jobs Act deductions, which became available starting with the 2018 tax year. There are plenty of deduction opportunities for your vacation rental business, but they might not all be obvious, so it pays to do a little research to make sure you aren’t missing out. Short-term rental operators are allowed to deduct “ordinary and necessary” expenses related to their business. Luckily, the IRS agrees, so if you already operate like a business, you also get businesslike deductions when income tax time comes. Experienced operators know that in order to succeed, you need to treat your short-term rental like a business. Short-term rental marketplaces such as Airbnb, HomeAway, and Vrbo have made it easy for homeowners and property managers to market their rental property. Updated Februoriginally published March 13, 2018.
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