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Question
I'm running an Airbnb and also has a job with W2 income, can I deduct rental expense against my W2 income?
AI accountant’s answer:
It's great that you're earning income from both Airbnb and a W-2 job! For tax purposes, these are treated as separate income sources. Your Airbnb income and related rental expenses are reported separately on Schedule E of your tax return, while your W-2 income will be reported on Form 1040. You cannot directly deduct your rental expenses against your W-2 income. Rental expenses, including maintenance, repairs, advertising, utilities, and other costs, can be deducted from your Airbnb rental income on Schedule E. This will help to lower your taxable rental income, but it won't affect the taxable amount of your W-2 income.
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Ieva Ivanauskas, EA
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