Question

Rental Property

Forum|Forum|3 years ago
June 8, 2022
2 replies
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I would like to get into rental properties this year, particularly through AirBNB. I would like to do it under my/a business name. What steps should be taken as it pertains to taxes?

A

Anonymous

Hello Jcoop1,

Thank you for participating in our Ask the Expert event today. As to your question, you need to make sure the LLC is listed as the owner of the property to legally shield you personally from any liability. Then, this is an excellent article on what to consider when managing the property and the tax implications involved. Good luck.

O

OluyemiY

Hello @Jcoop1 ,

Great to speak with you!

Most important, I believe that you will need to understand that renting over 14 days means that you most likely be reporting your income and expenses to the IRS on a Schedule E (there are additional specific requirements to be met for reporting on Schedule C). What name you use will not by itself determine your tax reporting requirements. You should also research any local tax and/or ordinance restrictions on AirBnb's in your area.

Here is a great article regarding AirBnB taxes that includes a link for possible tax deductions. https://turbotax.intuit.com/tax-tips/rental-property/renting-out-a-room-on-airbnb-or-flipkey-how-much-you-owe-in-taxes/L5hWiLQIy

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