By Randan Salyers, CPA, Tax Senior
In 2024, if you are the owner of a short-term rental property located in California (including rentals listed on platforms such as Airbnb, VRBO, etc.), you may now be required to report the personal property used in the rental on Form BOE-571-STR, Short-Term Rental Property Statement (see resources below for a link to sample form). This new filing, with your County Assessor, was authorized by the California State Board of Equalization because they consider short-term rentals to be a trade or business. This Statement, designed specifically for short-term rental properties, will be used to report the original cost of personal property used by your short-term rental and allow the Assessor to determine the property tax due. (more…)