Taxes

[Catherine2377]

I have not filed taxes before as I’ve not made more than $5,000. This year I have made $6,000.00.I do not want to declare any write offs .Do I have to file ?…I’m getting mixed responses to this question …I really do not want pay for such a small amount to file ,if not needed…thank you for your info .

[Joan2709]

@Catherine2377 

This would be a question for your tax accountant.

[Catherine2377]

Yes, I’m trying to avoid a tax accountant …thank for your response .

[Joan2709]

@Catherine2377 

This is NOT tax advice, but this is what I found:

If the $6,000 is self-employment income work (Airbnb):

If your net self-employment income is $400 or more, you must file a tax return to pay self-employment tax (Social Security & Medicare).

If the $6,000 is from Airbnb, you generally should report it on your tax return, even if it’s below the normal income filing threshold. The exact requirement depends on how many days you rented the property.

If you rented the property 14 days or fewer in the year:

This is known as the “14-day rule” under the 14‑Day Rule:

You do NOT have to report the Airbnb income

The income is tax-free

You also cannot deduct expenses

Example: Rent your home for a festival or event for 10 days and make $6,000 → no tax reporting required.

If you rented the property more than 14 days:

Then the income must be reported, even if it’s only $6,000. You would report it on Schedule E with your tax return. However, you can deduct expenses such as:

1. cleaning
2. Airbnb service fees
3. utilities
4. supplies
5. depreciation
6. insurance
7. property taxes
8. mortgage interest

Because of deductions, many hosts with $6,000 gross income may owe little or no tax.

[Paula]

Thanks so much, @Joan2709, for helping Catherine. 🙏

@Catherine2377, does this help clarify the situation?

Keep us posted.

[Joan2709]

@Catherine2377 

Here is the Rule about you must file an income tax return if you make more than $400. This is because you have to pay the Social Security and Medicare taxes on self-employment income. If you worked for an employer, they would deduct those taxes for you from your paycheck. Since you are self-employed, the IRS requires you to pay those taxes out of the income you earn. Since you earned more than $400, you still need to file a tax return to pay the self-employment taxes. You would have to review the 14day rule to determine if you meet any of those requirements and if you meet the thresholds for that exception and if you still need to file a tax return:

IRS Self Employed Persons

https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center?u...

Here is a Guide to US Tax Resources for Hosts

https://www.airbnb.com/help/article/1213