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Hi,
We are new to the vacation rental market and have received our first guest booking through Airbnb. Our home is in an area (NC) that Airbnb collects and pays the required local and state taxes - at least from all I’ve read. How do we know when this payment actually happens? We certainly don’t want to start out with any tax issues.
Thanks!
You won’t know and shouldn’t worry. Air pays governments quarterly or whenever. They pay a lump sum to your government, not $X from Mary and $Y from George, etc.
You can’t see when they’ve remitted your taxes to the state, but you CAN check to see how much they’ve withheld from your reservations.
From the Host menu, go to Progress > Earnings > scroll down to Transaction History > Click the text link for “Gross Earnings”. You’ll see a line for each reservation with the total before the host fee was taken out, along with a column for Occupancy Taxes paid by the guest.
You need to call the NC dept. of Revenue, and your local county tax office. I was set up with both when I first started renting. This was before Airbnb was collecting tax in NC. I do not know if there is any special arrangement now that if you solely list with Airbnb…if you still need to be set up to file.
I have to file by the 20th of every month. I send a check to the state, and one to the county. Even if I didn’t earn any revenue for the month, I still have to file. If you list on other platforms or take direct bookings (unless the site is collecting tax on your behalf…then you will receive it). You will need to report total revenue. Then you will put the amount of revenue that is “exempt” (where a site collected the tax). Then you turn in the difference.