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…)
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…)