571-L

[Benjamin25]

Hey,

San Francisco has a 571-L tax form for business property, which seems odd for Airbnb hosts as the cost of a bed is really low (for a 1% tax). All we have in our room is a craigslist purchased futon and lamp (combined at $40 purchase). We have no other designated airbnb equipment or supplies. Is this all SF wants on the form? Could I be missing something else, as the $0.40 of tax revenue they would collect based on the above would not offset the cost it would take to manually input all the information on the form we fill out?

What am I missing or does the city just simply have a one-size-fits all form that doesnt really fit well with airbnb hosting business?

-B

[Clare0]

@Benjamin25 Ha! Your government at work! You should post this question in the San Francisco Community as I'm sure there are hosts there in the same situation.  Simply go to the menu at the upper left of this page and scroll down to San Francisco.  Good luck!

[Desiree3]

Hi @Benjamin25,

My name is Mattie and I'm a tax associate at Shared Economy CPA. The reason you have been sent a 571-L form is because you are the owner of business property and all property, including business property, is taxable. There doesn't seem to be any criteria or threshold that you are required to meet in order to be required to pay the business property taxes. The Assessor decides on whether you have to or not. Generally, the value of the property you lease should also be reported, which should increase the amount you owe. Here is a link that might be helpful. Let me know if this makes sense! If you need any further assistance please don't hesitate to contact me at mattie@sharedeconomycpa.com

[Clare0]

Hi @Desiree3 is the 571-L form required in all California counties?  I live and host in San Luis Obispo and no government official has sent me a form or mentioned it 

[Nick22]

I have yet to recieve a request for this thing, but I'm pretty nervous about it.  It's a pretty breathtaking invasion of privacy and clearly won't make enough money in tax to even pay for its enforcement. It doesn't take a genius to see that the purpose of this requirement is simply to add yet another burden to hosts to try to reduce rentals.  No one in their right mind is going to list literally everything they own on this form.  I suggest simply making up a few numbers that describe a bed, a table, and some sheets and one towell and call it a day.  It's beyond absurd.

[Inga199]

Hello. I received such a form. The web page says " If you own taxable personal property whose required cost is $100,000 or more on January 1, or if the Assessor has requested a statement be filed, you are requested to file a Business Property Statement (BPS) by April 1st of each year detailing costs of all supplies, equipment, and fixtures, improvements, land improvements, and land as well as other information requested on the form at each location. If your completed property statement is received after 5:00 p.m. on May 7th, you will be subject to a late filing penalty. You don't have to fill it out but if you ae asked, you should. If you did not receive the form, they don't know you exist.