Tax Impact of Renting a Room on Airbnb

Tax Impact of Renting a Room on Airbnb

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…

The Tax Effect of Renting Your Home

The Tax Effect of Renting Your Home

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?…

21 Common Rental Home Deductions

21 Common Rental Home Deductions

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…

I received Airbnb Rental Income, Do I Owe Any Tax?

I received Airbnb Rental Income, Do I Owe Any Tax?

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…