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How do I report my income earned from Airbnb?

by TurboTax Updated 6 days ago

If you rent out all or part of your property on Airbnb, you must declare your income or losses on your income tax return. You can also deduct expenses related to that income, so be sure to keep all your receipts.

If you live in Québec, you may want to consult Revenu Québec’s brochure on Individuals and Rental Income.

You can deduct reasonable expenses incurred to earn your rental income. If you rent out part of your home, you can claim only the portion of expenses that relate to the rented part.

To calculate the part you can deduct, take the area of the rental space divided by the total area of your home. Multiply that amount by the percentage of time the space was rented in the year, then by the total amount of each expense you’re claiming.

Common deductible rental expenses include: 

  • Supplies, such as bedding and toiletries
  • Insurance
  • Interest and bank charges
  • Professional fees, including legal and accounting fees
  • Repairs and maintenance if you hired someone to do the work
  • Property taxes
  • Travel needed to collect rent, supervise repairs, or manage your properties
  • Utilities
  • Prepaid expenses

Note: Be sure to accurately fill out all your personal information and build your tax profile in TurboTax before you begin. These steps outline the process for reporting rental income and expenses on Form T776.

  1. From the menu, select Find, then enter rental in the search bar.
  2. Select Rental properties from the list, then Go.
  3. Follow the prompts to complete the applicable information and proceed through your return.
  4. When you arrive at the Rental Summary, review your information, then select Done With Rental Income.

Note: Be sure to accurately fill out all your personal information and build your tax profile in TurboTax before you begin. These steps outline the process for reporting rental income and expenses on Form T776.

  1. From the menu, select Find, then enter rental in the search bar
  2. Select Rental property from the list, then Go
  3. Follow the on-screen prompts to complete the applicable information and proceed through your return
  4. You’ll arrive at the Rental summary screen. Review your information, then select Done With Rental Income
  5. You’ve now claimed your rental income and expenses

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