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Should You Put Your Rental Property in a Trust

Details: A real estate trust can make it a lot easier to organize and transfer assets in the event of an untimely loss. If you have a thriving Airbnb business, you might be …

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Independent Contractor Taxes Made Easy with First-Class

Details: Real estate investing offers an outstanding path to long-term wealth. However, a lot of confusion exists when it comes to real estate and taxes. New investors hear that real estate provides great tax advantages, but they don’t necessarily know-how.

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How to Avoid Capital Gains Tax on Real Estate Sales

Details: The IRS assesses a capital gains tax for the profitable sale of any non-inventory asset. This typically applies to the sale of stocks, bonds, precious metals, real estate, and other big-ticket assets. However, the tax rate only applies to the profits derived from the sale. For example, you purchased a $200,000 property last tax year.

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Is It Cheaper to Buy or Build a House to Expand Your

Details: Construction of a new home on an existing parcel of land can also increase the property’s value, and this is an additional benefit on top of the added rental capacity. If you have a nice slice of land ready to go, building a house could be a cost-effective option.

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Airbnb vs Renting: The Best Option for STR Income

Details: Property Management Some owners elect to hire a property management company to manage all aspects of their rental property. This is an additional cost to the homeowner. Airbnb vs Rental: Head to Head Comparison. Determining which route is best for you requires careful consideration and will depend on your wants, needs, and goals.

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Do I Have a Section 1245 Property

Details: What Is a Section 1245 Property? Generally speaking, Section 1245 property includes the depreciable property used in a business not including real estate. If you depreciate business property and own it longer than 12 months, it likely qualifies as Section 1245. On the other hand, real estate typically falls under Section 1250.

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Can an Airbnb Host Qualify as a Real Estate Professional

Details: Real estate professionals must report rental income on Schedule C and pay self-employment taxes. Section 179 Deduction Section 179 allows businesses to deduct the cost of any long-term property used for business in the first year.

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Qualified Business Income Deduction for Homeshare Hosts

Details: Qualified property is defined as tangible property that is personal or real that is subject to depreciation. This does not apply to land. For higher-income earners, the limitation is either based on 50% of W-2 wages or 25% of W-2 wages and 2.5% of the unadjusted basis for all qualified property.

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Hobby vs Business: How to Classify Your Rental Income

Details: Hobby vs Business: Key Considerations. There are nine factors that the IRS considers in determining whether your rental activity is a business:. Manage your rentals in a businesslike manner, with complete and accurate books and records. Owners must put in the time and effort to make the business profitable.

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Home Office Deduction: What You Need to Know

Details: Office supplies, marketing costs, and even office rent can qualify as a tax deduction. One commonly used write off for independent contractors is the home office deduction. Here is what you need to know about claiming the home office tax deduction.

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How to Navigate the NYC Airbnb Law

Details: The New York City Airbnb law says it’s illegal to rent apartments for fewer than 30 days in most buildings, particularly Class A dwellings. Generally, Class A dwellings include buildings with three or more permanent residential units. Rentals can exceed 30 days if …

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7 Tax Tips to Maximize Your Airbnb Deductions

Details: 4. Depreciate Your Property. In addition to business expense deductions, as the owner of your property, you can also depreciate your rental property. Depreciation allows you to write off the cost of buying or improving your rental property and factor …

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Are REITs a Good Idea for Airbnb Hosts

Details: The organization must invest at least 75 of its total assets in real estate. At least 75% of its gross income must come from rents, mortgage interest from financing real property, or real estate sales. The organization must pay at least 90% of its taxable income in dividends each year.

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How To Protect Your Airbnb Business

Details: The IRS wants all income reported, this includes your side hustle as well. Regardless of the size of your Airbnb enterprise it is your responsibility to report the income you earn. The one exception is the 14 day rule, which states that if you rent your listing for less than 14 days per year, you do not need to report the income.

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Rental Income Tax Rate For Airbnb Hosts

Details: So, if you only casually rent out your space and use the property yourself for at least 14 days or 10% of the time you rent to others, the income does not need to be reported. We’ve heard this referred to commonly as the Augusta rule, referring to the individuals with homes in Augusta, Georgia who rent their homes during the Masters Golf

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Leasing vs Buying a Car: Which Offers More Tax Savings

Details: Leasing vs Buying: Depreciation Depreciation is a tax method that allows you to deduct the cost of your vehicle over the course of its useful lifespan.

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10 Tips and Tricks for Getting Found More Often on Airbnb

Details: Guest blog post by: Evian Gutman Evian is the Founder & CEO of Padlifter – the one-stop-shop for getting found more often, winning more bookings and making more money on Airbnb. He is the author of the best-selling book ‘The Definitive Step-by-Step Guide to Making Money on Airbnb’ and is an Airbnb Superhost that has hosted over 500 guests.

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11 Side Business Ideas for 2020

Details: Like Getaround, Turo allows users to rent cars from car owners. With Turo, cars are available by the hour for by the day. Turo is available across the US, Canada, UK, and Germany. Airbnb. Airbnb is one of the most popular short term rental platforms that allow people to rent out their entire home or a portion of their home to travelers.

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Property Depreciation Basics for Airbnb Hosts

Details: Depreciation recapture is the gain that results from the sale of your home which must be reported as income. Depreciation recapture is assessed when the sale price of the home is greater than the tax basis or adjusted cost basis. Depreciation recapture is reported using Form 4797, Sales of Business Property.

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Airbnb Taxes Archives

Details: Listing a property on Airbnb can be a great source of extra income. But, the convenience of using this platform comes at a cost. To pay for its services and 24/7 support, the company charges an Airbnb service fee – something hosts need to understand.

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Estimated Tax Payments for Independent Contractors

Details: Do you rent for less than 15 days per year? Do you reside in your property for more than 10% of the total time you rent it or 14 days, whichever is greater? If so, you don’t have to pay any taxes on your rental income. However, if you rent for more than 15 days per year, you then need to make sure that you have put aside money for income tax.

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How To Incorporate Your Airbnb Business

Details: Overall, an LLC or corporation offers a viable way to protect your personal assets when you operate an Airbnb rental business. However, make sure that you also check the start-up rules for your state as the filing and reporting requirements vary from state to state.

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Accounting and Tax Tips from the Shared Economy Tax Firm

Details: Real estate investing offers an outstanding path to long-term wealth. However, a lot of confusion exists when it comes to real estate and taxes. New investors hear that real estate provides great tax advantages, but they don’t necessarily know-how.

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