Airbnb Business Tax Deduction Ideas

Are you an Airbnb Host? Or thinking about Hosting on Airbnb? Have an Airbnb Business? In this video, we have Steven Hamilton II, EA (tax professional) to talk about the TOP Airbnb Business Tax Write Off (Tax Deductions) to help you save money! It's not always about making more money but keeping the money you're making. So here it is! Airbnb Business Tax Deduction Ideas... ENJOY!

Contact Steven Hamilton II, EA with your Tax Questions:
https://hamiltontax.net/contact-us/
Phone: (224) 381-2660

Running an Airbnb business has its challenges but it's VERY profitable. But a lot of people forget about... TAXES! (fun...) So, we invited our own tax professional, Steven Hamilton II, EA to come to give us some tax tips on Airbnb Businesses.

So here are the top Airbnb Business Tax Deductions that you need to have:

1. 7+ Nights Rentals
When a property is rented out less than 7 Nights at a time, it's considered a non-passive activity for the investor. This can change the type of strategies that you can use to reduce your tax liabilities.

2. Cost Segregation on your Airbnb Property
This is a depreciation strategy to write-off certain parts of your property. I.e. You can write off driveways, roofs, HVAC units, etc.

3. General Furnishing For Your Airbnb Business
You can write-off the beds, furniture, appliances, etc. But it's really important for you to log and itemize everything that you did to the property. This will help your tax professional to break-down all the items that can be depreciated (deduct) from your final tax liability.

And as a bonus, here are some questions you need to be asking your CPA/Tax Professional:

A. Is the Airbnb business going to be reported in Schedule C or Schedule E?
If you're not providing an active service to your tenants/guests, you're going to file using a Schedule E. BUT... if you provide services such as cooking a meal or giving them a spa treatment, the business is now going to be reported through Schedule C

B. Is the Airbnb Business income subject to the Self-Employment Tax? (passive vs. non-passive)

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--DISCLAIMER-- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.