This video was originally published on TheStreet Jun. 8, 2022.
Many folks are renting out their home or parts of their home as an Airbnb. Here are a few questions to ask yourself to determine what you need to do about recording and reporting income and expenses (and possibly avoid taxes!).
- Is this your primary residence or is this a secondary residence?
- Are you renting out the residence for less than two weeks, or more?
- Are you renting out the entire residence, or just a part of it?