true
Top
  1. TurboTax /
  2. Tax Calculators & Tips /
  3. Tax Tips Guides & Videos /
  4. Rental Property /
  5. Video: Tax Tips When Renting Out Your Home on Airbnb, FlipKey & Others

Video: Tax Tips When Renting Out Your Home on Airbnb, FlipKey & Others

Updated for Tax Year 2022 • December 1, 2022 08:26 AM


OVERVIEW

5 tax tips anyone can use when renting out a home through Airbnb, Flipkey, and other vacation rental services. You won't want to miss tip number four!


TABLE OF CONTENTS

Let a tax expert do your investment taxes for you

Get year-round expert advice & every dollar you deserve, guaranteed with Live Full Service Premier.

Video transcript:

Hello, I’m Victoria from TurboTax with some tax tips if you’re renting out your home through services like Airbnb, FlipKey, and others.

Tip number one: You can rent your home for fourteen days every year without declaring that income on your taxes, but you cannot claim any rental expenses as deductions.

Tip number two: If you rent for more than fourteen days a year, you must declare that income.

On the plus side, you are then allowed to claim rental expenses as a reduction in rental income.

Tip three: If you rent for more than fourteen days, then you must decide whether to report it on Schedule C, used when you provide services like breakfast or cleaning, or Schedule E, which is for passive rental income. Some experts suggest that Schedule C is the way to go because you can deduct your business expenses.

Tip four: Deduct the fees taken off the top of your rental income by Airbnb or another company.

This is the part of the rental fee you never receive, but it is listed on the rental income you get in the 1099 filed with the IRS.

Tip five: Be ready to pay occupancy taxes. These may also be called hotel or transient taxes.

Let a tax expert do your investment taxes for you, start to finish. With TurboTax Live Full Service Premier, our specialized tax experts are here to help with anything from stocks to crypto to rental income. Backed by our Full Service Guarantee. You can also file your own taxes with TurboTax Premier. Your investment tax situation, covered. File confidently with America’s #1 tax prep provider.

Couple having dinner in bed

 

Let a tax expert do your investment taxes for you

Get year-round expert advice & every dollar you deserve, guaranteed with Live Full Service Premier.

Get your investment taxes done right

For stocks, crypto, ESPPs, rental property income and more, TurboTax Premier has you covered.

Looking for more information?