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I am in the United States. I imagine I will have to report my Airbnb income as… well… income on my taxes.
If I save receipts will my accountant be able to write off any expenses? If so, what should I be saving? Mortgage payments, insurance, utilities, internet, cleaning supplies, receipts for sheets and snacks?
First, I think you should talk with an accountant or a tax attorney as soon as you can.
About what receipts to save, save them all, at least for now. Decide with your accountant/attorney what you should deduct. Those decisions can vary widely, depending on many factors.
Shit yes. For everything that could possibly be connected to your listing, doesn’t matter what it is.
OK, have to admit no idea about US, but every single item we buy that can be put through, gets put through.
Unfortunately, my bills at my little local bar round the corner in the plaza don’t count. I did try, suggested it was essential entertaining expenses, but got nowhere
I deduct many items. However, since my rentals are in my own home it is tricky separating items just for guests from general use items. Do yourself a big favor and write needed details on your receipts. If you are really disciplined you will log these as you collect them and save the intimidating"giant shoebox" challenge at the end of the year.
Ugh, I didn’t need this reminder… I always extend and just filed Oct 15th. When I dropped off my return I realized that I only had about 10 weeks before I need to start thinking about 1099s again.