Airbnb income/expense reporting

Forum|Forum|2 years ago
February 15, 2024
1 reply
0 views

I own 2 airbnb properties in differing states (from the one I live in). I own these properties with my daughter and her husband, and we share the assets/liabilities 50/50. How do I report the info on a 1099-MISC when only one, maybe 2 of our names are on the form (we are all listed as owners from the settlement statement). As to expense reporting, do I add all the expenses for each property and split the values 50/50 and then add my share of these expenses to my tax?

AmyC

Employee

1. You must report your share of the 1099-MISC income but the approach changes based on the form issuance.

If your name is missing, you must enter it as a 1099-MISC with your share.
If the 1099-MISC has your name, you can report the amount on the 1099-MISSC and then reduce your income by the portion that is not yours. To subtract the income that is not yours:
- scroll down to Less Common Income
- select Miscellaneous Income, 1099-A, 109-C, start
- select Other reportable income
- Other taxable income, select Yes
- Enter description, 1099-MISC nominee income
- Enter amount as negative for the part that does not belong to you
- continue

If your daughter files joint with her husband, one of their names can be missing. If they file separately, then a name would be missing.

If the 1099-MISC is missing a name, one of you needs to file a 1099-MISC for the nominee amount.

2. You can either enter everything at half value or you can enter everything at full value and tell the program it is half yours. Personally, I prefer to enter the house as the sole owner and just list half of the asset and expenses along with additional personal expenses.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"