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Post by mig on Oct 13, 2016 11:21:15 GMT
Can Airbnb charges be considered as tax deductible? I am in the UK btw
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Post by Maria Lurdes (Milu) on Oct 13, 2016 13:56:36 GMT
I don't know about your local laws, but in the US the answer is yes. It would seem like a logical business expense that can be recouped when paying taxes, in the same way that credit card transaction fees could be deducted. If you don't have a professional accountant I can't emphasize enough how important it is. I know that I'm an exception in that this is my only source of income and I have multiple listings, but even when I had only a room in my shared house, it was important to me to be able to use an accountant that could steer me through the process of taxes and set things up to make it easier for me. Also, it's a comfort to know that if I'm audited, I have someone else to blame  |
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Post by High Priestess on Oct 13, 2016 14:23:53 GMT
Mig, do you mean the 3% service fee that Airbnb charges to hosts? Yes...that is definitely tax deductible since it's income you never actually recieve! Being deducted by Airbnb before you ever get your payment.
It's a matter of finding where on your tax forms you would show it as an expense. I don't know about the UK tax forms, but in the USA we have a space on our forms for deducting expense of "commissions" and that is where it goes.
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Post by mig on Oct 13, 2016 20:55:15 GMT
Thank you both, I have an accountant so will ask him to help me with this one. I made a hash of it previously, so keen to get it right going forwards.
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