@Lee447
I have a lot of the same questions others have mentioned--maybe your bank has been able to help clarify some things?? Would love to glean some insights, if you have any thoughts on the following:
1) My husband and I have 2 small units on our own property where we live. Are we sole proprietors or independent contractors as an AirBNB host? Or is "other" more appropriate if we consider ourselves landlords?
2) How does one calculate lost rents due to disaster? I had a full-price, nearly full calendar for all of March, April, May, which rapidly deteriorated to become a 1/2 full, half-price calendar. Can I just calculate the difference between what I made last year for these months and what I am making this year?
Thoughts? Educated guesses? Thanks!
3) @Brook-and-Justin0 @Heather1051 Cost of Goods Sold--I would think of this as anything that you would normally declare on when you file taxes for your resale license, if you have one, ie, NOT consumables that you provide or cost of doing business (laundry, utilities, etc), but rather inventory you keep for the sake of reselling.
Thank you to all and I hope each of you is doing well in this bizarre moment in history!