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Question
If I'm an Airbnb host, do I need to fill out Schedule E?
AI accountant’s answer:
As an Airbnb host, you generally need to report your rental income and expenses on Schedule E if you are renting out a residential property like a house or apartment. Schedule E is used to report supplemental income and loss from rental real estate. However, if you are providing significant services to your guests or renting the property for short periods (like under 7 or 14 days per year), you might be required to report your income and expenses on Schedule C as a business activity instead.
It's essential to understand the specific tax requirements and categorization of your activity. You should consult with a tax professional to ensure you are accurately reporting your Airbnb income and expenses on the appropriate tax form.
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