You cant collect social security because of airbnb

Ok this really sucks.I cant collect early social security and continue airbnb.Its considered self employment and I would have to pay back 1 for every 2 I make over 17,000! Until I am 66 then I can make as much as I want. The only solution would be to convert it to a long term rental, not vacation rental.You are allowed to collect unlimited rental royalties as long as you are not in the business of real estate(broker or real estate agent).That would yield me $1000 a month less. However, I would not have to clean or hire a landscaper so often but I would have to put up w a long term tenant!

EDIT just noticed it’s not British social security and I don’t know a thing about the situation in the states.

Social security or disability? Early social security is at age 62, right?

So currently you are making over $17,000 a year in profit with Airbnb?

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Another reason to file it as schedule E and not as profit loss, schedule C?

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yes. social security but Not social security disability

yes, 27,000 last year

I dont know the law on that, I would have to ask CPA. Think Im going to close it down after the summer run…

Complete profit? Correct? So I take it your gross income is much higher than $27,000?

I thought that the last changes to Social Insecurity which came out back in Oct? Nov? Said that there is now no limit to how much you can make over and above SS. There was never a “pay back” if you made too much, that I remember in the past 6 years. Most recently the rule was if you made more than X over your SSI payments that you had to pay tax on the overage, not pay it back.

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I don’t know if that is ridiculous or not, but would hiring an Airbnb property management company help you keep both the Airbnb business and social security benefits?

That’s not true . I went to the Social Security office last week and finally got my questions answered on that. The threshold for earning is $17,000 anything over that for every two dollars you earn you have to pay back one dollar. Of course if you’re 66 this does not apply it’s only for early retirement.

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That would eat up all the profit. I think after the summer I’m just going to try to close the business. And open up the studio as a regular rental as that does not affect Social Security. I may still not even collect Social Security as I am still working anyway but I’m getting pretty sick of the business. I host about almost 85 guests A year and I also still work at my other job. And I’m also a landlord on the side. I’m just tired of it especially the overflow Mess in my house when I have to flip the room it all spills over and it always seems like my house is always messy and that really bothers me . And then getting home from work having to flip the room waiting for the guests to arrive blah blah blah yeah the bloom is definitely off the rose .:expressionless:

Can you retire from your day job and just live off of Air and savings until you’re 66 and just not draw for a few years? You don’t have to draw SS just because you retire. It should reduce the stress level by not having a day job and self employment. Maybe work hard over the next 6-12 months at getting yourself in a strong financial position by paying off a few things or stockpiling savings.

My husband and I (though still a ways out) plan to retire early on real estate earnings and savings and not draw SS until 70.5 when the payout is maxed out and then slowly sell of our lowest earning properties.

Frankly I think I could put off Social Security and I’d rather continue to
work then keep the Airbnb. I can work part time and make $17,000 if I did
want to collect Social Security. I don’t really want to wait till 66
because it’s only a difference of $300 a month. I don’t really have much
savings but I do have rental properties that yield A few thousand dollars a
month A few thousand dollars a month
And my husband has retirement income to o. Even though I have great cash
flow on the rentals one repair can hit you really hard if it’s a big one! I
need to build my savings up for sure.

Are you able to move the earnings to your husband? Would that meet the requirements?

Why are we encouraging people to break the law?

No

RootsEatery http://airhostsforum.com/users/rootseatery

January 16

Are you able to move the earnings to your husband? Would that meet the
requirements?


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Not encouraging anyone to break the law. I was imagining you owned this property/business with your spouse. I am no expert.

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1000 a mo not much n it’s only 1300 f I wait till 66

Zandra http://airhostsforum.com/users/zandra

January 15

How much is the social security?

I do wish different government departments wouldn’t give conflicting
information on this as I thought if you were a live in host a guest is
equivalent to a lodger. Even my insurance class Airbnb as a lodger (though
they’ve also added commercial activity to my premium.)


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