[PDF] [PDF] General guidance on the taxation of rental income - Airbnb

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These guidance notes are provided by EY solely for the use of Airbnb and may not be relied The requirement to file a tax return in relation to rental income

[PDF] General guidance on the taxation of rental income - Airbnb

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Airbnb

G eneral guidance on the taxation of rental income Airbnb | General guidance on the taxation of rental income

January 2017 v1

1

Disclaimer

This booklet was prepared by Ernst & Young LLP (EY) at the request of Airbnb. This booklet is intended solely for information purposes and no Airbnb Host or other third party may rely upon it as tax or legal advice or use it for any other purpose. As such, EY and Airbnb assume no responsibility whatsoever to Airbnb Hosts or other third parties as a result of the use of information contained herein. This booklet was prepared by EY, and does not necessarily reflect the views of Airbnb. This booklet contains information in a summary format. It does not provide tax advice to any taxpayer because it does not take into account any specific taxpayer's facts and circumstances. Readers are encouraged to consult with professional advisors for advice concerning specific matters before making any decision or taking a position on any tax return, and EY and Airbnb disclaim any responsibility for positions taken by taxpayers in their individual cases or for any misunderstanding on the part of readers. While EY has used its best efforts in preparing this booklet, it makes no representations or warranties with respect to the accuracy or completeness of the contents of this booklet and specifically disclaims any implied warranties. Neither Airbnb nor EY shall be liable for any loss of profit or any other damages, including but not limited to direct, indirect, special, incidental, consequential, or other damages in connection with the information contained in this booklet.

Please refer to the

Airbnb Responsible Hosting Page at

https://www.airbnb.com/help/responsible-hosting for additional general information about hosting in the United States. Airbnb | General guidance on the taxation of rental income

January 2017 v1

Disclaimer

This booklet is intended solely for information purposes and no Airbnb Host or other third party may rely upon it as tax or l

egal advice or use it for any

other purpose. As such, EY and Airbnb assume no responsibility whatsoever to Airbnb Hosts or other third parties as a result of the use of information

contained herein. This booklet was prepared by EY, and does not necessarily reflect the views of Airbnb. Please refer to the disclaimer on page 1 for

more information. 2

Table of contents

Table of contents

1 Persons subject to US income tax ........................................................................

. 3

2 Rental income ........................................................................

............................. 3

3 What tax information will Airbnb provide ............................................................... 5

4 Expenses that can be deducted ........................................................................

.... 5

5 Proration of rental expenses ........................................................................

........ 7

6 Repairs & maintenance v. improvements - deduct or capitalize ............................... 12

7 Depreciation ........................................................................

............................... 13

8 Limit on rental losses ........................................................................

.................. 14

9 How to report rental income and expenses ............................................................ 16

10 How to report deductible personal expenses .......................................................... 17

11 Reporting payments to independent contractors ................................................... 17

12 How is (net) rental income taxed (Federal) ............................................................ 17

13 How is (net) rental income taxed (States) .............................................................. 17

14 Quarterly estimated tax payments ........................................................................

17

15 Sale of home used as rental property .................................................................... 17

16 Documents to be retained ........................................................................

............ 18

17 Useful References ........................................................................

....................... 20

Exhibit A Schedule E

(Form 1040) ........................................................................ ......... 21

Exhibit B Schedule A

(Form 1040) ........................................................................ ......... 22

Exhibit C 2016 Tax rates for individual taxpayers ........................................................... 23

E

x hibit D 2015 Tax rates for individual taxpayers ........................................................... 25

Airbnb | General guidance on the taxation of rental income

January 2017 v1

Disclaimer

This booklet is intended solely for information purposes and no Airbnb Host or other third party may rely upon it as tax or l

egal advice or use it for any other purpose. As such, EY and

Airbnb assume no responsibility whatsoever to Airbnb Hosts or other third parties as a result of the use of information

contained herein. This booklet was prepared by EY, and does not necessarily reflect the views of Airbnb. Please refer to the disclaimer on page 1 for

more information. 3

1. Persons subject to US income tax

I am an Airbnb host. Am I subject to income tax in the U.S.?

You are subject to U

.S. income tax if you have U.S.-source income. Generally, income derived from U.S.

assets, such as rental properties located in the U.S., is U.S. -source income and subject to U.S. income

tax.

Domestic rental income (i.e. rental income from a

property located inside the U.S.) is taxable in the U.S. regardless of where the person in receipt of that income resides. For example, an individual living outside the U.S. who is in receipt of rental income from a U.S. property is still subject to tax in the United

States.

Foreign rental in

come (i.e. rental income from a property located outside the U.S.) is taxable in thequotesdbs_dbs2.pdfusesText_2