Airbnb tax report file and tools to support hosts that collect taxes

[Donata12]

Hi fellow hosts,

i find Airbnb tex report files very poorly done to say the least. It has taken me more to match their numbers and make them have a sense than re-do it all. Problem is, my accounting numbers have to match theirs. In 2 instances they even forgot to collect my MAT (Municipal Tourist Accomodation Tax). Taxes are not listed and/or reported under separate columns so in my case, understanding the numbers when i assumed they collected both MAT and HST (which is like VAT) took me a very long time. Taxes fall under a general PassThrough item that is displayed separately from the amounts paid out and in this Passthrough may fall all your taxes together.

I believe we should ask better reports from them, especially since they now seem to be more sensible to hosts requests. Being our partners in this business means also providing us with the best tools.

How many of you use their CSV to file taxes?

[Lorna170]

@Donata12   I have never relied on the reports from any OTA that I have dealt with over the past 15 years.  I keep my own records in a spreadsheet that my accountant assisted me in setting up years ago.  

I agree that their reports are very poor and often hard to understand or make sense of.  It would be wonderful if they actually provided some of the reporting features that are available in professional accounting software, but evidently that is too much to ask.  

[Donata12]

@Lorna170 Thank you for  your input. I agree with you, I should probably set up something like that as well, in fact I already have my own spreadsheet with lots more info than I get from Abb. I sei my own to record their numbers and cross che k with mine plus all the other info that I need for my taxes and Year ends. The problem is understanding their spreadsheets! Now I have with the new Pasthrough numbers. 

[Dorothy212]

How do I request the forms needed to file with the IRS? As you can tell I am a newbie.

[John-And-Nancy1]

The previous years the 1099 forms were findable and printable but now under the guise of privacy they’ve disappeared. I’ve wasted hours looking for them! I’m giving up and having a drink and wish you the best of luck.

[Moira-and-Doug0]

@Donata12 @Dorothy212 @Lorna170 

Where do I find the tax report I need to file my 2021 taxes?

[Susan737]

@Moira-and-Doug0 Under hosting you have a ribbon that shows inbox/calendar/ insights. Click on insights, you will see stats. Highlighted is View transaction history. This will show you your payouts.  In Seattle Washington, they have B&O taxes. Airbnb charges the guest that tax so I don’t need to track it.

I do report my income on my federal taxes. I have a spreadsheet for expenses. I am amazed how much it cost to have an Airbnb if you start deducting utilities, replacements of items, cleaning cost, etc. this is very helpful to come up with a price we’re going to charge a night.

[Emilie]

@Susan737 That's a really useful tip, thank you! Have you used some kind of template found online for this spreadsheet, or make it from scratch yourself ? 

Either way, I hope this answers your question @Moira-and-Doug0 🙂 

[Susan737]

I have a simple template actually it’s a word doc. It’s a list of deductibles and I think that’s the most important thing to track. I do have an accountant and he knows the square footage of my Airbnb.

I also have a separate account that I use with AirBnB. So all payouts and when I purchase items comes from that account. Utilities- my Airbnb is 1/2 the square footage of my home. I use more water for my Airbnb than I do for myself. I’m only one person. All the water for laundry, watering my garden and (showers ) most of my guest  2 people, it’s a deduction. Also I advertise my garden my guest use it. They love sitting outside at the end of the day. I deduct the cost of landscapers maintenance. Obviously every country is different.

As a host you should totally understand what is the cost to maintain your Airbnb. It will help you figure out how profitable is it really. Are you charging enough to make it profitable?  You can Google what are the deductions for AirBnB. They might have it on the site. Some host in the US don’t report their income from Airbnb, I do. I also have an insurance umbrella policy (liability), that’s deductible too. If one of my guest has an injury on my property that is a big liability and I’m not going to depend on Airbnb 100% guarantee coverage.

I would rather be over insure than under.  Disclaimer I am not an accountant this is just a general information to research.

[Emilie]

@Susan737 You've done some extensive research there by the looks of it! Thanks for all the info and for sharing how you approach this, I'm sure it'll help others Hosts in turn as well. 🙂  

[Donata12]

@Susan737 that looks great. i think though that every country has different laws regarding deductibles. so we should all check with our accountants based on where the airbnb is operated from. i have 2 airbnbs in two different countries and in one i cannot deduct anything at all.