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I’m a former road cyclist and have enjoyed spin class, so bit the bullet and purchased a Peloton bike for my personal use, and will subscribe monthly for live streaming and on demand classes. My first question is, do you offer a Peloton bike to guests in either a shared space listing (like mine), or private listing, or have you used one in an Airbnb stay? And, if you do have one for guest use, do you write off the expense of the bike and the monthly subscription when filing your taxes?
I have seen sites online specific to travellers looking for Pelotons in hotels and other STRs. There are people who won’t travel unless they can get their Peloton workout in! Do they sign in to their own account, or use yours? I would not offer shoes; they’d have to bring their own, so I’d imagine the majority of guests would never use it, but I’d love the tax deduction!
Seriously? I don’t even have cable, and recently just watched a Peloton ad on YouTube as I kept seeing mentions of it by friends on Facebook. I am nearly 50, and interested in my own fitness, and would love to offer it to guests, but more importantly, would love the tax write off.
I’ve hosted for over 3.5 years, and am just inquiring to my host peers. Get over yourself, and kindly leave a comment if you can answer any of my questions, or have constructive input. Thanks in advance!
I personally wouldn’t do it. Me, as a traveler, if I went to someone house who has it I won’t use it. Chances are I am interested in doing something else and already have an agenda when traveling and no intention of using any exercise equipment the host has.
I wouldn’t personally, either. I’m more of a leisure traveller, and don’t schedule anything but walking or hiking into my itinerary. I want to be out and about! However, I’ve been doing some research, and am shocked to find that some people won’t travel if they can’t get their Peloton in. I actually have a girlfriend who has/uses one (and her husband!), and she clued me in to the culture of it for travellers, which got me thinking. And I do live in a town with a university and a high end, private boarding school that hosts students from all over the world (read: parent visits). Just trying to get an edge up . . . and as I mentioned, the tax deduction. A call to my accountant is on my list to see if it’s even a legit expense!
Since you already purchased it and you imagine that the majority of guests won’t use it, this really reads like you already know the answer and all you really want is for the government to subsidize your expensive toy.
Anyway, if you do this, make sure you are prepared to prove the business use compared to personal use that justifies what you write off. The chances of being audited are probably really low, but you’ll need to keep some kind of evidence.
No, Tishiekate is a long time member and has posted many times.
And @Tishiekate, although Rolf’s post might have seemed out of order he is an even longer time member and like you, a regular but not frequent contributor. We depend on all the members of the forum to keep the forum spam free. Your post, quite unintentionally, sounds just like the frequent posts of people who join just to promote a product. They try to sound like real hosts who are just asking. So Rolf meant well.
Firstly, it’s not a toy. Expensive, maybe, but it’s a piece of fitness equipment. I have social anxiety, and the gym experience is difficult for me. This is an investment in my health. I was able to obtain 0% interest for 39 months to pay for it. My income is in the medium/low range, but I’ve determined it’s a justifiable expense for me and my health. Thank you for understanding, and reserving judgment.
All my income and expenses for my shared space Airbnb are claimed, and recorded, and my accountant makes sure we are on the up and up. She takes my booked dates and my expenses into account. It’s an amenity, just like a pool, hot tub, kayaks, pedal bikes, grills, playground equipment, beach umbrellas, coolers, Netflix, Hulu, etc.
It wouldn’t occur to me to buy an expensive bike for my listing just so a guest could use it for exercise classes.
You say you bought your bike for personal use, so not sure how you would write it off as a guest expense in terms of taxes, unless you were to be rather disingenuous with the tax-man and say it is an amenity for your guest, when it is actually mainly for yourself.
However in your latest post you have added information to say you have an accountant and they have already told you, that you can claim for the bike as a guest expense- so I would go with their advice.
It’s an amenity. I bought it for myself, but if I offer it to guests, wouldn’t it be a write off? A pool or hot tub that has been added and maintained (chemicals, maintenance, etc) is an expense. A gas grill is an amenity that can be written off. Not everyone will use a pool, hot tub, or gas grill, but it’s for their access if they choose. Many hotels offer gym equipment. That’s an expense for them.
I have written off my riding mower (nearly 3 acres here) and snow blower to maintain the property and driveway/parking for guests. I can only claim a portion, because I’m not hosting 365 days/year.
I’ve not spoken to my accountant yet, and haven’t even taken delivery of the bike. I’m am tossing it out to my hosting peers for genuine input before adding it to my listing. I am really hoping to hear from hosts who are already doing this, or have looked into it and determined it is not a legit expense, or have had issues with guests using their equipment. There are Airbnb listings using the term ‘Peloton’ directly in their listing heading. It’s already happening . . . I just want some input from those offering it.
Maybe US tax laws are different that in the UK. I know I feel my entire home, the airbnb listing and almost everything in it could be argued was primarily for personal use. The way we take percentages and depreciation and all that is quite interesting. We Americans and our accountants don’t even agree what form to use when declaring our income (Schedule D or Schedule E). And thousands more of us think that anything under $20,000 a year doesn’t have to be taxed at all because we don’t get a 1099. No accountant thinks that of course but you will see it posted frequently.
I think you are right @KKC the tax laws in every country are different and I have no idea where @Tishiekate is from.
If I had an accountant I employed to help me manage my business affairs for my STR then I would be asking them for their professional advice rather than hosts on a forum.
I don’t think it particularly matters whether the item on hand is a bike or another amenity at your listing such as a luxury coffee machine or food processor @Tishiekate , it is how it would be classified for tax purposes if it is something for your use that just happens to be in a home you use as a shared listing.
@Tishiekate, my husband and I also host in our home. We have an indoor Endless Pool and a high-end treadmill. We allow guests to use either or both, but according to our rules. Our rules set a range of times for guests to use the equipment and stipulate that one of us must be in the room at the time of use.
We don’t charge anything extra for those who use the pool and/or the treadmill. Also, because we own the pool and treadmill for our own use, we don’t attempt to write off any portion of the purchase price or any maintenance costs.
A number of guests have booked with us specifically for the exercise equipment we offer. A subset of those guests have actually used the treadmill or the pool.
If you decide you want to offer the Peloton for guest use, I suggest that you check with your insurer first.
I know MANY hosts here in the US that don’t even claim their Airbnb income, and Air doesn’t have to provide us with any tax documentation until we earn a certain amount (whatever it is, I haven’t met it). This is wrong. I have always claimed every cent, but also am very good are saving receipts and recording all expenses. Certain things are depreciated (I think my riding mower and snow blower??). I had to provide my accountant with exact dimensions of my home and each room, and what rooms are “shared space” and what rooms are exclusive to my personal use (my bed and bath, and my basement, only). She uses the space and the days booked when she does my taxes.
@RebeccaF - Thank you for your insight, experience, and details! I especially appreciate your advice on insurance - that’s a detail I overlooked, and I thank you. I like the terms you set - using when you’re there. I have an outside fire pit, and do the same with that, and also require guests to have the hose on, and nearby should the need arise. Guests have been very good about abiding!
I have a friend that offers/lists an outside hot tub at a shared space. They already had it before listing their space, so don’t claim the purchase, but do claim the expenses of chemicals and maintenance.
Our accountant here in Southwest Florida says the amenity is here – a pool – whether the guests use it or not, it is available to them, and thus maintenance expenses (chemicals, cover, a portion of electricity, etc,) are a deduction.
How much of a deduction? I dunno. He does something with the number of days booked as a percentage of the year, AFAIK.
It’s easy when it’s a permanent part of the property or used for maintenance on the property, there’s a formula for that. If it is actually used by guests, then it should be depreciated in the same way as anything you purchase for shared use. E.g. new living room furniture or a non-permanent BBQ grill.
