Question : I have a current business that deals in a service commodity. Can I phase the Airbnb into this business, it has an IRS tax I’d #.
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Answer : Hello,Although the IRS prefers that a taxpayer report different businesses on separate Schedule C forms, as long as all income and expenses are properly reported, there is no absolute requirement that separate businesses be reported separately.If your AirBNB were a traditional rental property, then the income would likely be passive, which would make it very difficult to combine with an active income service business, since one form of income is not deductible against the other. However, if this is a short-term rental and you actively manage the business in the manner of a motel, then the income is active and could be included with a service business.I hope I’ve answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click/tap 3, 4 or 5 stars) — otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.Thanks again for using Justanswer!
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