The IRS is Now Helping People Pay Taxes on Their Short-Term Rentals

The IRS launched the Sharing Economy Tax Center on August 22, 2016. The new web page serves as a resource for taxpayers who provide services within the sharing economy. This resource will be key come tax season for anyone who must pay taxes on a short-term rental. The IRS explains that, in most circumstances, income from rental activity is taxable, but some, if not all, business expenses may be deductible. However, the Sharing Economy Tax Center does not provide specific tax information for local jurisdictions, so be sure to research the local laws wherever your short-term rental resides.

Source: The IRS Makes It Easier to Pay Taxes on Uber and Airbnb Income – Skift

Print Friendly, PDF & Email

RELATED CONTENT

California Vacation Rental Restrictions and COVID-19 Updates

7 Min Read June 18, 2020

Florida Vacation Rental Ban and Travel Updates

6 Min Read June 12, 2020

TurnKey Vacation Rentals’ 2018 Ski Report

4 Min Read November 26, 2018
TurnKey Blog