In recent years, vacation rental homes have become one of the preferred travel options for jet-setters around the world — especially in the United States. Companies like Airbnb, VRBO, and FlipKey have created a vacationing model that is both affordable and comfortable, and this model also provides a more authentic experience for visitors and their families compared to a traditional hotel.
Despite the rise of this business model and the resulting profits, many owners don’t know that income from renting out their homes (or rooms in their homes) to vacationers is taxable, which could lead to complications come tax season.
Keep reading to learn five tax tips that could minimize or even eliminate taxes from renting out your home with Airbnb or a similar service. Read more