What tax forms to use with income less than $20,000 in Airbnb income?

[Jennifer1351]

I know I'm a little late, but I thought I could do it myself. I've used a preparer in the past but wanted to do it. Also, any recommendations for online tax help with knowledge about STRs/Airbnb?

[Lorna170]

@Jennifer1351   Do you have a copy of the previous year's taxes that the preparer did?  If so, review the forms that he used.

It doesn't matter how much or little you made -- you have to report the gross income less expenses.  Look for a Schedule E or Schedule C in last year's packet, review it, and enter this year's information on the appropriate form.  The IRS instructions online for these forms are fairly straightforward.

IMO, unless you understand your tax obligations and how to file your AirBnB income and expenses, you are better off using a CPA.

Some of the online tax programs -- TaxAct for one -- do have instructions for rental property income.

[Jennifer1351]

Thanks for your reply! I didn’t get or see an email for your message - I didn’t think anyone responded. Thanks for the tip about Tax Act. I ended up using schedule c, but it seems like it’s not completely clear which ones(s) to use. And which deductions can be used.  The person who did it for me didn’t do quite right. Not easy to find someone experienced with STRs. I feel I have a better sense of it  and will be more prepared for next year. Along with being more organized with receipts and expenses. 

[Ana2038]

@Jennifer1351 , STR income isn’t any different from reporting any rental income on your taxes. As @Lorna170 , states above, you have your income and then any allowable deductions (according to federal and state tax laws). A tax preparer doesn’t need specialized training in short term rental filing…etc..and I wouldn’t necessarily do it myself as you might miss out on potential write offs and/or tax benefits.  

Best—