Filling Tax 2020

Filling Tax 2020

I have a question regarding filling tax for 2020. Most of the reservations in 2020 were cancelled due to COVID. But, Is it still fine to include expenses incurred to maintain the Airbnb portion of my property on my tax which means there will be negative equity (loss) from the airbnb?

2 Replies 2

This topic and numerous related business topics should be easier to pinpoint.  I love hosting and have been rated a Super Host since my initial eligibility (3months).  Part of the SuperHost framework has to be a capacity to delight guests and to maintain a heavily booked calendar. All of this costs money behind the scenes. To remain a host in this competitive climate, we must pay attention to our Cost Factors and to understand how to track expenses in a fashion that will not trigger audit flags but will reasonably capture investments.

 

I have not found any real technical or narrative assistance on this topic.

Mike-And-Jane0
Level 10
England, United Kingdom

@John-R-1 You will find some ideas on the forum BUT it is an international forum so most will be irrelevant to the USA. Also hosts will be concerned about giving tax advice from a liability point of view. Best thing is to get an accountant.