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Airbnb of property owned by parents
I had two clients this week tell me they rent out vacation property owned by their parents using Airbnb and I'm not sure how to report it. The adult children manage everything and collect payments reported to them on 1099-Ks in their names. The parents get nothing and are okay with this. I think the income has to go on the parents' Sched E (passive...
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Air BnB 1099-K
Where do I enter the 1099-K income from Air BnB on a Schedule E. Also, should I select property type as a vacation/Short-Term type property if my client owns the condo as his primary residence, but rents it out roughly 30 days a year on Air BnB. Any suggestions/help is greatly appreciated!
Thanks
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