Illinois taxes

[Becky19]

I Live in Illinois and from what I read it already takes the taxes out for me....? Do I still pay at the end of the year? I know nothing about taxes new to this type of thing. Any info on tax information for Illinois or what not would be great.

[Derek0]

Hey Rebecca,

Here is a post that goes over everything you'll need to do as a new host - let me know if you have any questions:

http://www.sharedeconomycpa.com/blog/tax-checklist-for-new-airbnb-hosts

[Judy90]

Derek,

I read your blog on taxes. This is my first full year as an Airbnb host. I am in Southern Illinois so I am paying my local taxes (5%) each month and also my state taxes each month (6%). I read that Airbnb takes taxes out also because I am in Illinois. I print out my payments sheet to excel and it lists amount paid out, host fee and cleaning fee. It does not mention taxes. I am confused as to whether I am paying double or they are not taking them out. If they are not taking them out, I want to add them to my fees.

Thanks for any help you can give me, I want to do this correctly!

blessings

Judy

[Jill138]

Rebecca,

I am also new to hosting this month. What did you find about about taxes for your Airbnb? How much should I expect to pay for 2017 taxes on my Airbnb?

Thank you in advance for any help you can give,

jill

[Cynthia-and-Chris1]

@Becky19 @Jill138

This link is helpful:  https://www.airbnb.com/help/article/416/where-do-i-find-my-airbnb-earnings-for-tax-purposes

[Nelly72]

I learned by one guest that my rental was too expensive. Discussing how expensive was the house maintenance, billings, taxes, and mortgage, he told me how much he actually paid to airbnb. According to my calculations, airbnb collects 15% taxes which I wonder if these represent 9% city and 6% state; if so, would we get an end of year report to include in out tax return?

[Allyson49]

I was told that I would need to pay the City of Utica in Illinois a "pillow tax" for my Airbnb that is at the Grizzly Jack's Resort south of town. Does anyone know what this tax is and if it is legit?

[Amanda2024]

There may be a fine print law that was over looked on opening a BnB in Utica.

Every town and city run differently on laws, I would talk to a lawyer so that you don't get into a huge financial mess next year. 

--Amanda