I'm hosting in Nova Scotia, Canada and I was wondering if/how I can claim accounting administration time to do the airbnb accounting books if I do the work myself? I have done all the accounting books so far for my one short term airbnb rental property with my wife (partnership - not incorporated) and I really should be able to claim my time as airbnb expenses - right? How much does a typical accountant claim for administering the books yearly? Thanks - DJ
@Daniel13506 Wrong I am afraid. If this were allowed then people would potentially pay zero tax just by charging a fortune for book keeping and cleaning.
But let's say you were allowed to deduct $500 as an expense against your Airbnb income and that meant you saved $200 in tax on that income. Now you would need to add $500 to your income and, surprise surprise, you will have to pay $200 in tax on it so you have achieved nothing.