Does Airbnb send the IRS any info when less then $20,000 is earned?

[Lubov0]

Its Tax time and I do my own taxes (turbo tax), does anyone know if the IRS gets info from Airbnb regarding host income if the income was less than 6000. I saw that airbnb issues a form to hosts if they earned $20,000 and/or had 200 bookings...

Any input would be greatly appreciated.

[Lauree0]

I jus read about this - research the 14 Night tax rule.  It will help.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=2ahUKEwjngd7-7pre...

[Leslie-and-Craig0]

You shouldnt have received a 1099-k for one transaction and less than $1,000 in rental income.

[Eliza106]

If in MA or VT, the limit is $600, and the State sends a tax form. 

[Marshall19]

 to eMake sure you report it --- they will find it trust me. It happened to me

[Clare0]

@Lubov0 @Luis-and-Tati0 @Melisa1 Some people mistakenly believe that if they do not receive a 1099K from Airbnb, that they don't need to report their rental income.  That could be a costly mistake.  While Airbnb doesn't report the under $20K and 200 reservations, hosts are still required to report their income according to IRS regulations.  And consider this:  in the event of an audit, Airbnb has a record of your earnings which can be obtained by the IRS under supoena if needed.  

[Erica3]

I agree - just because AB doesn't report it today - doesn't mean they won't be asked to retroactivly report it in the future.  It wouldn't be the first time a tax agency had made the request (as they have to other digital entitites).  Best to be honest AND keep track of your expenses which can likely be used as deductions.

[Tristana0]

Hey Erica, Appreciate the suggestion to keep track of expenses to report for deductions. What would this be? Cleaning services or cleaning materials? New set of sheets? What do you keep track of? Thanks so much! 

[Tristana0]

Meant to reply including @Erica3 in my most recent question...

[Erica3]

I keep track of everything - renovations to the coffee I provide. Anything I put out to bring in the additional income. I have an accountant prep the final return for me. They are great for questions on what can be claimed i.e. My car cannot, despite using it to schlep all the stuff back - but interest on my mortgage can.

[Erica3]

Should also note, I'm in Canada, eh. 🙂

[Derek11]

Are you a Canadian taxpayer? I ask because it shows your in Toronto. If so, are the income reporting thresholds any different there? Thanks

[Angie72]

The deduction doesn't help much. I only made $1500 from airbnb, didn't get a 1099 form, I reported it on my tax returns and claim all deductioins, and owe IRS $200 tax. Without this rental income, I could get back $700 from the IRS. I start to think if it's worth all the hassles and hard work to rent out a room. 

[Jim143]

You may want to do an amended return. My research says that if you have less than 15 nights rental in 2016 any income does NOT have to be reported.  

Ernst & Young Guidance for Airbnb

[Clare0]

@Jim143 Hmm.  My reading is that if the property is rented for 15 days or less, the income doesn't have to be reported on Schedule C or Schedule E as rental income, not that the income doesn't have to be reported at all.  I would seriously doubt that the IRS would consider any income over $600 as exempt from income taxes.  🙂

[Clare0]

@Erica3, I believe this post was meant for you.  However, I thought I'd post some links that @Tristana0 might be interested in: 

http://assets.airbnb.com/eyguidance/us.pdf

https://www.hrblock.com/pdf/Tax-Information-for-Hosts1-4-16.pdf