There’s no better place to get your questions answered than directly from the IRS Sharing Economy Tax Center. The IRS recently put together an extensive webpage to go over many of the issues facing those in the sharing economy. You can view the website here or continue reading below for a snap-shot of what to expect:…
Room Rentals You may be wondering: do you have to pay tax from renting a room in your house? Generally, the answer is yes – you will have to report the income on your tax return and you may owe tax on it. For the purposes of this article, we will assume you are renting…
Not sure what the tax effect of renting your home will be? Did you decide to move and put your old home on the rental market? Depending on the housing market in your area, this may very well have been the best choice for you. Or maybe you want to rent out your second home?…
You may be entitled to more rental home deductions than you may realize. Following is a list, in no particular order, of the top 21 deductions. This list of rental home deductions is not all-inclusive, and some deductions may not apply in your situation: 1. Property taxes 2. Mortgage interest 3. Mortgage insurance 4. Credit…
Let’s say you went on vacation for a couple of weeks, and, thanks to companies such as Airbnb, you managed to find a short term renter and received some Airbnb rental income for 5 days while you were gone. A little extra income never hurt anyone right? Well, in this case, you are right. If…
