Re Investor
“I regularly rent out a spare room in my house on Airbnb, how do I accurately report the income and what specific household expenses can I legally deduct?”
Short-term rental income from a spare room is often reported based on how the space is used, how many days it is rented, and whether any personal use is mixed in. The treatment of household expenses can depend on the portion of the home used for the rental, the length of each stay, and whether items like utilities, insurance, repairs, cleaning, and depreciation are tied to the rented area. Records from Airbnb, bank deposits, calendars, and receipts often help show both income and the allocation of shared costs. Working through the specifics with a CPA is the cleanest way to land on the right move.
In your 90-minute session, the KGOB advisor handling it will:
- Read your exact situation and tell you, in plain English, what’s actually going on.
- Lay out your options and the trade-offs — no jargon, no judgment.
- Give you a clear next step you can act on, whether that’s with us or on your own.
“I flipped a severely distressed house in less than a year, will my massive profits be taxed as ordinary income or short-term capital gains?”
“I am selling a highly profitable rental property and want to use a 1031 exchange, exactly how long do I have to officially identify a replacement property?”
“I own multiple rental properties that generate massive passive losses, can I use those losses to offset my W-2 salary if I qualify as a real estate professional?”
“I successfully refinanced my investment property and pulled out cash to buy another one, is that massive cash out legally considered taxable income?”
This page is a prompt to start a conversation, not tax or legal advice, and states no tax-law specifics as fact. A consult session does not by itself create an ongoing engagement. We do not promise specific outcomes or savings. Kohari Gonzalez Oneyear & Brown PLLC — Charlotte, NC.
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