…forum, where specific questions can be answered by experts in the numerous discussion threads—everything from advanced tax strategies to the pros and cons of Airbnb. Even if your question does not get answered by an expert, individuals who have gone through a similar experience can put in their two cents and provide some perspective on the issue. PRO: Powerful Software…
…not much room for error. This works for a traditional long-term hold, but what if you’re not doing a traditional rental? What if you’re doing what would be defined by the IRS as short-term rentals? Short Term Rentals? The short-term rental might be a common example in the last couple of years. Airbnbs and things of that nature, where we…
…some gig workers with the opportunity to take advantage of benefits like the Paycheck Protection Program (PPP Loan). These gig workers can use the PPP money, essentially, to pay their own salary. Is Airbnb Part of the Gig Economy? Absolutely. Someone who rents out their home, on demand, to traveling individuals is certainly not employed by their guests. They are…
…rentals). Can you explain this? Also, if I don’t provide “substantial service” for Airbnb, do I still need an LLC/C-Corp for management to decrease my taxes? I would like to report the income on Schedule E while writing off active STR income from 100 material participation hours. 51:26 – How does an LLC that’s a disregarded entity differ from a…
…rent out on Airbnb, but it’s still important to protect these assets. Not only so you don’t lose the asset itself in a lawsuit or have it taken from you by a creditor, but also because you really need to separate your personal life from your business. Otherwise, that plaintiff or creditor might seek to address damages through your personal…
