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Taxpayer rented out with AIRBNB and made $8,439.50
She paid to rent it $13,300
Took a loss. How would I write that off the sch e?
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Generally, you will file Schedule C for your short-term vacation rental if: The average guest rents the property for fewer than 7 days, OR. The average guest stay is fewer than 30 days AND you provide guests with “substantial services”
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@Terry53029 wrote:
Generally, you will file Schedule C for your short-term vacation rental if: The average guest rents the property for fewer than 7 days, OR. The average guest stay is fewer than 30 days AND you provide guests with “substantial services”
No, Schedule C is only if "services" are provided (such as maid service or meals). The Short-Term aspect has nothing to do with putting it on Schedule C (other than that short-term is more likely to provides such "services").
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@MGC94 wrote:
Taxpayer rented out with AIRBNB and made $8,439.50
She paid to rent it $13,300
Took a loss. How would I write that off the sch e?
Enter the income. Enter the expenses paid.
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@TaxGuyBill Where would you write off the rent she paid to rent it
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Line 19 of Schedule E seems to have the best description.
However, was there any personal use? If so, I don't think 19 will treat it correctly and you might need to fiddle around with some manual calculations.
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If you sublease, do you depreciate the building?
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No. You don't own anything to depreciate.
The more I know the more I don’t know.