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In most cases, non-US individuals are subject to a 30% withholding tax on rental property income. Airbnb also requires non-US hosts to report their earnings using Form W-8 ECI.
In this case, you may be able to deduct an additional 20% of your rental income using the qualified business income deduction that was created by the Tax Cuts and Jobs Act of 2017.
These expenses and Airbnb’s 3% host fee reduced my profit margin to 55% of the gross income.” ... and take advantage of tax deductions from expenses related to your Airbnb rental — such as ...
Accordingly, a taxpayer would only be entitled to deduct the amount by which these expenses exceed 10% of $100,000, or $10,000 with an adjusted gross income of $100,000 and medical expenses of $11,000. Because these expenses exceed $10,000 by $1,000, the taxpayer is only entitled to a $1,000 deduction.
In general, taxpayers cannot deduct rent from their federal income taxes. However, some states offer a renter's tax credit.
Getty By Tony Armstrong With the increasing popularity of the so-called sharing economy, more people than ever are getting paid for tasks like giving someone a lift, playing with dogs while their ...
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