By Carmen Barrett, CPA, MST, Senior Manager, Tax & Advisory
ASL Real Estate Group
You may have seen the social media trend about the benefits of short-term rentals (Airbnb, VRBO, etc.), the catch is simple, if you have a vacation home or other dwelling unit that is non-income producing, you can make it profitable by using it as a short-term rental, vacation or otherwise. This all sounds great but there are unintended tax consequences to consider if the operation of this venture is not set up correctly, which many catchy articles, blogs and posts do not address. Additionally, most every taxpayer is unique so don’t go it alone and heed the well-intentioned advice on social media but simply contact your trusted and knowledgeable tax advisor to determine the best path forward. After all, no one wants to become the next social media post about what not to do. (more…)