I am starting to have clients with Airbnb where they rent out a room. I have read that you can use a sche3duke c or e for reporting this income. Does anyone experience with Airbnb's and what are your recommendations
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It is not a choice, it is a matter of facts-and-circumstances.
Is it a for-profit activity?
Is it being rented at Fair Rental Value?
Are "services" provided, such as maid service, meals, transportation, concierge services, etc.? -
Also note that renting out a room in a residence otherwise used personally is going to be treated differently from renting a separate dwelling unit (for example if the owner completely vacates the property while rented). There are no new tax rules for AirBNBs, it is still application of long-standing laws, regs, and court cases."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe HowardComment
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