Room Tax Collection and Remittance in the State of Alaska In the state of Alaska, only the city of Anchorage requires payment of a tax for short term accommodations. For this purpose, a short term…
Occupancy Tax Collection and Remittance in the State of New Jersey As of October 1, 2018, New Jersey has applied Sales Tax and the State Occupancy Fee on charges associated with the rental of transient…
Lodging Tax Collection and Remittance in the State of Alabama Traditionally, the lodgings tax was levied only for guests who book a reservation using professional managers, such as hotels. The state recently updates its laws…
No one ever said: “The tax code is limited and easy to understand”. Even a topic such as filing your vacation property taxes on your tax return has many considerations and tests to determine how…
Ah, yes! You now own a vacation property and it is making money. Then of course, you need to file your taxes. Don’t worry too much about this, it isn’t that bad once you know…
Summary Third Party marketers (Airbnb, Homeaway) will likely never send you a 1099-MISC. It is your responsibility to self report your income. We review how to do this correctly on your tax return. There are…
Summary All rental expenses are either deducted immediately or capitalized over time. The IRS has mostly cleared up where the dividing line is between these. What forms to need to file to claim higher dollar…
In this article we discuss how to determine your eligibility to deduct your vacation rental property losses for income tax purposes. If you qualify, the losses you create out of your rental activity can be…