Type of Property in Schedule E on Taxes

[Ashley-And-Brendan0]

This is my first time filling in a Schedule E for AirBnB and I am not sure which Type of Property to select. The home is a single-family that we live in upstairs full time, and rent out the lower level. Do they consider this a Single-Family or Vacation/Short Term? Also would I select Yes that I use it for Personal use? We do not use the lower level for personal use, only the upstairs where we live. Perhaps that answer should be No, but I am not sure. Please help! Thanks!

[Linda108]

@Ashley-And-Brendan0  If you search "tax" in the Help Center you will find a number of articles about US taxes.  You will also find a link to an extensive article by Ernst and Young that might give you some direction.  Good Luck!

[Zacharias0]

I would suggest a tax advisor or CPA as you could be missing out on hundreds or even thousands in deductions.  They are worth their costs. With the help of my CPA I am confidently able to write off my rental costs of my dwelling based on sq ft that my guests use, energy bill, water, insurance, internet, trash bill and anything I buy for my AirBnB such as TVs, linens, food and water and so forth. I could write this all off anyway, but it's a bit complicated once you start having 3 jobs and 2 rental properties. Just make sure you have all your expenses tallied up before going, because they just put it all on a line and keep moving. It took about one hour for her to figure out that without all my expenses I paid towards the rental Id owe a lot more in taxes.

[Toma2]

Hi, 

Did you ever figure out what type of property you fall under?

Thanks, 

Toma

[Mike195]

I'm staring at the Schedule E and have the exact same situation and questions.  What did you find out?

Laura 

[Ashley-And-Brendan0]

Because our rental is contained within our home and not a seperate Vacation property, we used Single-Family

[Julia193]

And then how did you list the number of nights rented out, since you were both renting it out AND living there?

[Megan230]

I'm in the same situation, and I counted the number of nights the rental portion was occupied as "nights rented." Schedule E applies to the rental portion of your house, not the whole house.

[Melissa-J-0]

agh, also looking for an answer to this.