Tax guide for short-term rentals

Tax guide for short-term rentals

Book - 2017

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333.5068/Nolo 2018
2018: 1 / 1 copies available
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Subjects
Bed and breakfast accommodations > Taxation > Law and legislation > United States.
Vacation rentals > Taxation > Law and legislation > United States.
Rental housing > Taxation > Law and legislation > United States.
Income tax deductions > United States.
Law for laypersons.
Genres
Law for laypersons
Published
Berkeley, CA : Nolo [2017]-
Language
English
Corporate Author
Nolo (Firm)
Corporate Author
Nolo (Firm) (-)
Other Authors
Stephen Fishman (author)
Item Description
Author: Stephen Fishman, J.D., 2018-
"Airbnb, HomeAway, VRBO & more."
Physical Description
volumes ; 23 cm
ISBN
9781413324563
  • 1. Introduction: Who This Book Is For
  • 2. How Short-Term Rental Hosts Are Taxed
  • Income Taxes
  • Social Security and Medicare Taxes
  • Net Investment Income Tax
  • Local and State Occupancy Taxes
  • 3. Tax-Free Short-Term Rentals
  • Short-Term Rentals That Qualify for Tax-Free Treatment
  • Effect of Qualifying for Tax-Free Treatment
  • 4. Deducting Your Expenses: The Basics
  • What You Can Deduct
  • How Your Tax Status Affects Your Deductions
  • Deductions for Multiple Owners
  • 5. Operating Expenses
  • What Are Operating Expenses?
  • Direct Expenses Deductible in Full
  • Operating Expenses That Must Be Allocated
  • 6. Repairs
  • Repairs vs. Improvements
  • Deducting Repairs for Short-Term Room Rentals
  • Three Safe Harbors
  • Repair Versus Improvement: Analysis Under the Regulations
  • How to Deduct Repairs and Maintenance
  • When Guests Pay for Repairs
  • Properly Document Repairs
  • 7. Deducting Long-Term Assets
  • Depreciating Property Used in Your Rental Activity
  • How to Depreciate Real Property
  • Personal Property
  • Section 179 Expensing
  • Regular and Bonus Depreciation
  • Personal Property Converted to Rental Use
  • 8. Prorating Your Deductions
  • Direct Expenses Are Fully Deductible
  • Expenses That Must Be Prorated
  • Calculating Personal and Rental Days
  • 9. Reporting Rental Income on Your Tax Return
  • Most Hosts Use Schedule E to Report Rental Income
  • Schedule E Line-by-line
  • Completing Schedule E When You Have a Rental Loss
  • Hosts Who Don't File Schedule E
  • 10. Filing IRS Form 1099 Information Returns
  • When Someone Else Reports Your Rental Income to the IRS
  • Reporting Payments You Make to ICs and Other Workers
  • Back-Up Withholding for Independent Contractors
  • 11. Deducting Losses for Short-Term Rentals
  • What Are Rental Losses?
  • Which Rental Loss Rules Apply
  • Vacation Home Rules
  • Hotel Business Rules
  • Regular Rental Activity Rules
  • 12. Record Keeping
  • What Records Do You Need?
  • Tracking Income and Expenses
  • Supporting Documents for Your Expenses
  • Property Usage Record
  • Index

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