Derek Davis is a CPA who specializes in tax advice for shared economy participants. He decided to focus on this after speaking to an Uber driver who wasn't aware that he could deduct up to $10,000 from his taxes by depreciating his car over a five year period.
Just like Uber drivers, Airbnb hosts can also deduct a lot of expenses from their taxes as a 1099 Independent Contractor operating in the shared economy. Derek explains how.
In this episode you will learn:
- How to report your taxes as an Airbnb host
- If you should report under schedule C or E
- Which expenses you can deduct from your taxes
- And much more…
- How you can use Tabby to keep track of your expenses
For more information on tax related topics for Airbnb hosts visit The Shared Economy CPA.
To help you keep track of your expenses, Derek developed an iPhone app called Tabby. On average, Tabby users save $7500 on their taxes.
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