Airbnb less than 14 days per month

[samaja_varagamana]

9 minutes ago, tennisluvr said:

koccchen sadinava ustaad asalu. Nenu seppedi nenu undaneeki kaadu vayya nenu rent seyaneeki

 

oh aythe income chupiyali bro taxes apudu moneey oka tax interview vadu nannu ilanti questions adigadu and yes u have to keep the proofs for this soft copy or hard copies or whatever audit padithey after 4 yrs tharvatha trouble lo padina valu kuda unaru............GC apudu  Money laundering  lanti cases valla issues ravachu gani idhi rakapovachu take second opinions also bro 

[tennisluvr]

1 minute ago, samaja_varagamana said:

oh aythe income chupiyali bro taxes apudu moneey oka tax interview vadu nannu ilanti questions adigadu and yes u have to keep the proofs for this soft copy or hard copies or whatever audit padithey after 4 yrs tharvatha trouble lo padina valu kuda unaru............GC apudu  Money laundering  lanti cases valla issues ravachu gani idhi rakapovachu take second opinions also bro 

Second opinion evaristharu bhai

[samaja_varagamana]

6 minutes ago, tennisluvr said:

Second opinion evaristharu bhai

Nu maree bro ee db meedane depend ayava enti bayata untaru ga janalu........anyways bro neekosam will ask one of my friend and will post here soon 

[tennisluvr]

Just now, samaja_varagamana said:

Nu maree bro ee db meedane depend ayava enti bayata untaru ga janalu........anyways bro neekosam will ask one of my friend and will post here soon 

You da man

[Picha lite]

49 minutes ago, ICANWIN said:

I am living in airbnb from 3 months...what problem for more than 15 days? i didnt understand 

 

Monthly entha paying?

[Hercules]

if you want to rent it out you have to deal with taxes, source na landlord

[Android_Halwa]

Recorded source of income kada...enduku leni poni risks ?

[ICANWIN]

10 minutes ago, Picha lite said:

Monthly entha paying?

1200$ per month

[Batman_fan]

Hawaii lo one month rentals with Wifi bholo.

Stress tho sachi poyetatlu vuna. One month hawaii podam ani vundi

[tennisluvr]

25 minutes ago, Android_Halwa said:

Recorded source of income kada...enduku leni poni risks ?

Yeah ade thinking ankul

[tom bhayya]

https://www.quora.com/Can-an-H-1B-visa-holder-host-on-AirBnB-I-am-trying-to-understand-the-tax-visa-status-implications-of-the-same

 

There are four different ways rental income may be reported onto your income tax statement depending on conditions.

1) Self-Employment Income (Schedule C), for rental income when services are provided to the occupants.

Providing substantial services. If you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service, you report your rental income and expenses on Schedule C.

2) Other Income, line 21 of 1040 or 1040NR, for rental income when not rented for profit
.

Presumption of profit. If your rental income is more than your rental expenses for at least 3 years out of a period of 5 consecutive years, you are presumed to be renting your property to make a profit.

3) Not reported, if rented for less than 15 days during the calendar year.

Used as a home but rented less than 15 days. If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). You are not required to report the rental income and rental expenses from this activity.

4) On Schedule E if rented for more than 15 days.

Used as a home and rented 15 days or more. If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use

This is all described in IRS Publication 527 - Residencial Rental Property
http://www.irs.gov/pub/irs-pdf/p...

Method #1 is active income and may not be permitted depending upon the terms of your visa.

I believe method 2, 3 and 4 are passive income and will not, but Mike Emeigh disagrees with me, and it appears there are more details in Publication 925 to consider.

In most cases, all rental real estate activities are passive activities. For this purpose, a rental activity is an activity from which you receive income mainly for the use of tangible property, rather than for services. For a discussion of activities that are not considered rental activities, see Rental Activities in Publication 925.

However upon reading Publication 925:

Exceptions. Your activity is not a rental activity if any of the following apply.

1. The average period of customer use of the property is 7 days or less. You figure the average period of customer use by dividing the total number of days in all rental periods by the number of rentals during the tax year. If the activity involves renting more than one class of property, multiply the average period of customer use of each class by a fraction. The numerator of the fraction is the gross rental income from that class of property and the denominator is the activity's total gross rental income. The activity's average period of customer use will equal the sum of the amounts for each class.

2. The average period of customer use of the property, as figured in (1) above, is 30 days or less and you provide significant personal services with the rentals. Significant personal services include only services performed by individuals. To determine if personal services are significant, all relevant facts and circumstances are taken into consideration, including the frequency of the services, the type and amount of labor required to perform the services, and the value of the services relative to the amount charged for use of the property.

3. You provide extraordinary personal services in making the rental property available for customer use. Services are extraordinary personal services if they are performed by individuals and the customers' use of the property is incidental to their receipt of the services.

Exception 2 and 3 falls in line with personal services == self employment income (Schedule C); however exception 1 seems to directly exclude most AirBnb activity from qualifying as rental activity (and thus qualifying as passive activity) and pushing it back onto Schedule C.

And:

Activities That Are Not Passive Activities

3. The rental of a dwelling unit that you also used for personal purposes during the year for more than the greater of 14 days or 10% of the number of days during the year that the home was rented at a fair rental.

That pretty much nixes AirBnb qualifying as passive activity unless you don't use the home.

[ICANWIN]

8 minutes ago, Batman_fan said:

Hawaii lo one month rentals with Wifi bholo.

Stress tho sachi poyetatlu vuna. One month hawaii podam ani vundi

It would be expensive trip but should be worth it  :-)

[Batman_fan]

3 minutes ago, ICANWIN said:

It would be expensive trip but should be worth it  :-)

Yeah, we can earn money anytime. Oka trip veste anta set atundi

[ICANWIN]

3 minutes ago, Batman_fan said:

Yeah, we can earn money anytime. Oka trip veste anta set atundi

Yeah but 1 month chudadaniki akkada emundi? 1 week -10 days more than enough right? Do you literally want to cover  without missing anything?

[Batman_fan]

2 minutes ago, ICANWIN said:

Yeah but 1 month chudadaniki akkada emundi? 1 week -10 days more than enough right? Do you literally want to cover  without missing anything?

Not to see everything. I just want to live in some remote place for a month in the mountains or close to beach and relieve all the stress. I think even CA has this kind of locations.