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Reply to "About to deduct 220k on taxes help me feel ok with it"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Is this your only business? You don't have W2 income because if you do, you cannot deduct those expenses if you don't have rental income to offset it. [/quote] we have a small amount of income from the running airbnb and about 600k of w2 from our primary jobs[/quote] It does not sound like running Airbnbs is your primary business, so it should probably be reported on schedule E and subject to passive loss limitations. I would expect an audit if you're taking $220k in schedule C Losses against your W2 income. [/quote]
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