You can't beat the tax man

When I first signed up for airbnb they did not ask me for my SSN. It didn't occur to me that I would have to pay tax on the money I was making. Stupid I know. Then in December they sent me a request for my SSN so they could send me tax documents, I was like "oh no". (Actually my language was a little more corolful than that.)

I had made just over $7,000 and I hadn't been keeping track of my expenses. I had to dig through receipts, to pull it together, to be able to do my taxes.

The next year I made just under $24,000 on airbnb. I had tracked everything. I still had to pay taxes on the money, but a lot less tax than I would have had to pay if I had not been tracking every penny I spent.

There are lots of things you can write off when using your home for a business.

You can write off part of:

  • Your mortgage
  • Your utilities
  • Any supplies you buy: Including things like toilet paper, cleaning supplies, coffee (anything that you need to keep your house going or things that you are offering to your guests)
  • Laundry costs
  • Furniture
  • Towels
  • Sheets
  • Work that you have done on the house or yard
  • Tools that you buy to make repairs on your house or yard
  • Gas for your car so you can buy things for your bnb Ect ect ect.

Of course i'm not a tax person, and you should consult with a tax person when taking write offs. I certainly do. I think taxes have been purposely too hard for normal people to do them. The tax laws change so much that it takes a professional to keep up on them. But that is a rant for another day.

BnB Lady

I'm Colleen, and I've been doing Airbnb for over 2 years. There are guests that I have loved and guests that I just can't wait to get out of my house. I've learned a lot from trial and error. It's a great way to earn extra income and I'm here to share my experience so I can help others make some great passive income.

I personally love using Airbnb. Click here if you want to sign up to host with them.

Contact me if you want to hire me to help you set up your BnB!