Taxes for Peerspace bookings?

Question

Peerspace is a way to rent your property or part of your property on an hourly basis for things like photo shoots, events, parties, etc. We are considering listing our STR on this platform to fill some gaps in our bookings.

Our property is in the Gatlinburg TN area and we just finally figured out all of the different STR tax requirements there (remitting lodging taxes, franchise and excise tax and business taxes for our LLC, etc). Given the complexity and many different taxes we pay for our property as a STR, I just want to make sure I'm not missing anything if we list on Peerspace and have some occasional hourly bookings.

Does anyone have experience with this? Other than adding this income to our total revenue for filing at the end of the year, are there any other filing or tax requirements I should be aware of?

Thanks in advance for your help!

Kevin Luttrell · Answer

@Randall Alan On peerspace you can choose what kind of events you permit at your property. We will not be allowing parties, just things like photo shoots and small events. Haven't had any bookings through this yet but it looks like it could be a very profitable way to fill some gaps in our STR reservations. Other comparable properties in our area are charging $100-$200 per hour for peerspace bookings.

Randall Alan · Answer

Perhaps I'm just way off base here... but it would seem to me that many of the "opportunities" to rent a property for less than one night would NOT be things you would want to be associated with?  For whatever reason my thoughts go to the "adult services" segment, and "Parties".  As a landlord, I really wouldn't want my properties used for those purposes.

Here is just one google search result I saw that references Peerspace:

https://gothamist.com/arts-ent...I will freely admit I know nothing about it... but it just sounds like a bad idea in my book!

Wish you all the best!

Randy