Tax time is over and I hope many of you didn’t make some of he mistakes I made
(hint I paid the IRS, they didn’t pay me)*
Here’s an Airbnb Hosts Tax Guide and checklist you can use as a reference for 2015. I’ve copied and pasted what I could.
Airbnb Host Tax Quick Checklist
Download the full 21-page Airbnb Hosts Tax Guide
❏ Calculate the number of days each month that you used your property for personal use and for rental use. This will determine the tax treatment of your rental and help you calculate your deductions.
❏ Add up your total operating costs (utilities, insurance, food for guests, etc.) you incurred each month during the year so you can calculate your deductions. If you took our advice on keeping information in real time, this should already be done!
❏ If you own your home, add up your total “homeowner” costs (mortgage interest, real estate taxes, etc.) you incurred each month during the year so you can calculate your rental deductions. If available, use supporting documents like the 1098 you received from your mortgage lender to make this step a breeze.
❏ Tally your assets. To the extent not detailed on your balance sheet, compile a list of the improvements you made to your rental property during the year, and make sure to include the price of improvements and dates put in use.
❏ Gather your property information (address, type). Make sure you have the information about your property that you will need if you are required to complete Schedule E, including the physical address of each property you rent and the property type (single family residence, multi-family residence, short-term rental, etc.) of each rental.
❏ Hold on to that 1099 from Airbnb (or VRBO, HomeAway); you’ll need it so you know how much income to report on your Schedule C or Schedule E.
❏ Export key statements. If you use accounting software to track your rental revenues and expenses, export your profit and loss statement and trial balance to excel or directly into your tax software. This information will also be used to populate your Schedule C or Schedule E. With an app like Hurdlr, a few taps on your smart-phone will generate these.