I can't get a license for short term rentals in Kansas City ...
I can't get a license for short term rentals in Kansas City (the city refuses to issue any licenses), so I'm losing $ every m...
Hi! I have been hosting for 9 years and my home has gotten popular enough that it is rented out most weekends. Since we need somewhere to stay, we now rent a small second home for when we are out. On my taxes, am I allowed to deduct any portion of the rent of the second home since it is a necessary expense (either paying for rent or staying in a hotel while my home is being rented)?
@Jennifer1037 I doubt it. If you were in the UK it would be a definite NO. Effectively you would be tax deducting your holidays.
Thanks for the quick reply. I guess the difference is that I am not taking a vacation--I am essentially without a home during my rentals and need somewhere to sleep. Do you think that makes a difference?
@Jennifer1037 No I don't. Another situation would be where you live in a rented house and then buy a place to Airbnb. You wouldn't be allowed to deduct your rent against the Airbnb profits.
Thanks! That's helpful
@Jennifer1037 I would think it is a business expense - check with accountant for sure!
Thanks!
@Jennifer1037 You need to talk to your accountant for clarification. It is my view that this would not be a deduction.
Hi @Jennifer1037 👋
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Looking forward to hearing from you. 😊