Hi, I am Tanveer Hussain shah from karachi Pakistan, I would...
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Hi, I am Tanveer Hussain shah from karachi Pakistan, I would like to connect with Airbnb hosts in Pakistan.I am hosting priva...
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Hi! Wondering if anyone in NYC has dealt with income taxes when renting out a bedroom in a property they reside in.
1. How much mortgage interest are you able to deduct from the Airbnb income? Do you count the room square footage plus all common areas or only the room (I see mixed information about this).
2. What else are you able to deduct? I recently bought a sliding door for the room, could I deduct that at 100%?
Thank you in advance!
Answered! Go to Top Answer
You should probably talk to an accountant. It isn't wages so mine is set as business income on my taxes. It isn't declared like a home office. Mine is deducted by my accountant figuring out expense because it is utility and property expense when rented. She does deduct any expenses specifically for a room furniture or labor. She deducts for toilet paper and shampoo, and Airbnb fees. Then she reports my profit that is what I pay taxes on.
You should probably talk to an accountant. It isn't wages so mine is set as business income on my taxes. It isn't declared like a home office. Mine is deducted by my accountant figuring out expense because it is utility and property expense when rented. She does deduct any expenses specifically for a room furniture or labor. She deducts for toilet paper and shampoo, and Airbnb fees. Then she reports my profit that is what I pay taxes on.
Hi @Suzie111 , have you reached out to an accountant as Marie advised? What did the accountant suggest?
Not yet, but looking for someone to consult with. Still waiting for someone in a similar situation to respond.