Anonymous
04/18/2017 19:08
Subject: Home office - how to calculate deductions?
You usually take % of total square footage and count that as percent of everything you can claim - so for our home office(s) - we are both self employed/different businesses - we claim X% of mortgage, insurance, utilities, landscaping - anything that we can think of that has any cost associated to it to 'run' the space we use
Anonymous
04/18/2017 18:17
Subject: Home office - how to calculate deductions?
You take the number 1 and divide by the number of bedrooms. If you have a smaller house I would take the larger of sf of office/ total sf or the number of bedroom calculations
Anonymous
04/18/2017 10:04
Subject: Home office - how to calculate deductions?
Anonymous wrote:How do you deduct expenses for a home office? Can anyone recommend any reliable websites for advice?
https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/The-Home-Office-Deduction/INF12067.html
Anonymous
04/17/2017 13:00
Subject: Home office - how to calculate deductions?
Anonymous wrote:Do your research, people often forget that whether they file information or not, like hidden investments, the institution is also filing paperwork on your behalf.
Airbnb filed on your behalf.
https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/10-Tax-Tips-for-Airbnb--HomeAway---VRBO-Vacation-Rentals/INF29184.html
Ditto for a home office, and note that working from home is not the same thing. If you're generally working on a laptop on your dining room table, that's not considered a home office.
Thanks. I know, I'm looking into this at the same time. It looks like the IRS has a page set up for Airbnb type things (sharing economy resource), so that's helpful. https://www.irs.gov/businesses/small-businesses-self-employed/sharing-economy-tax-center#expenses
In this case, I don't think Airbnb reported it because it's less than $20k and 200 transactions, but I could be misunderstanding. https://www.airbnb.com/help/article/414/should-i-expect-to-receive-a-tax-form-from-airbnb
Anonymous
04/17/2017 12:54
Subject: Home office - how to calculate deductions?
Do your research, people often forget that whether they file information or not, like hidden investments, the institution is also filing paperwork on your behalf.
Airbnb filed on your behalf.
https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/10-Tax-Tips-for-Airbnb--HomeAway---VRBO-Vacation-Rentals/INF29184.html
Ditto for a home office, and note that working from home is not the same thing. If you're generally working on a laptop on your dining room table, that's not considered a home office.
Airbnb filed on your behalf.
https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/10-Tax-Tips-for-Airbnb--HomeAway---VRBO-Vacation-Rentals/INF29184.html
Ditto for a home office, and note that working from home is not the same thing. If you're generally working on a laptop on your dining room table, that's not considered a home office.
Anonymous
04/17/2017 12:31
Subject: Home office - how to calculate deductions?
How do you deduct expenses for a home office? Can anyone recommend any reliable websites for advice?
I rent out a bedroom in my home for Airbnb - made around $4k last year on the rental. Is it worth the hassle to claim the income and itemize deductions? I wonder if it's easier to just not claim the income at all and take the chance I'd be hit with a penalty.
I rent out a bedroom in my home for Airbnb - made around $4k last year on the rental. Is it worth the hassle to claim the income and itemize deductions? I wonder if it's easier to just not claim the income at all and take the chance I'd be hit with a penalty.