Jax Area CPA for Airbnb

4 Replies

Can anyone recommend a local CPA that has experience with short term rentals/Airbnb? Thanks!

What you thinking? Tax related items or accounting?  Just wondering as I am a CPA.  Don’t do much tax anymore but have looked into the short term rental game pretty hard in Duval.

Most people don’t know but it is currently Illegal to have short term rentals pretty much in all of Duval County except for San Marco area.

Originally posted by @Simon Collins :

What you thinking? Tax related items or accounting?  Just wondering as I am a CPA.  Don’t do much tax anymore but have looked into the short term rental game pretty hard in Duval.

Most people don’t know but it is currently Illegal to have short term rentals pretty much in all of Duval County except for San Marco area.

Questions on what can or cannot be deducted mostly. Short term rentals are technically “illegal” outside of historical-designated neighborhoods inJax(SanMarco,Springfield,Riverside)

Originally posted by @Collin S. :
Originally posted by @Simon Collins:

What you thinking? Tax related items or accounting?  Just wondering as I am a CPA.  Don’t do much tax anymore but have looked into the short term rental game pretty hard in Duval.

Most people don’t know but it is currently Illegal to have short term rentals pretty much in all of Duval County except for San Marco area.

Questions on what can or cannot be deducted mostly. Short term rentals are technically “illegal” outside of historical-designated neighborhoods inJax(SanMarco,Springfield,Riverside)

I would assume deductions would be similar to any rental short or long.  No special tax treatment that I have ever heard of related to just short term rentals.

Yeah I was going to the short term rental committee meetings downtown and the laws they were proposing didn’t look good either so I backed out of purchasing  a few properties I had lines up.

Now they terminated the short term rental committee that was tasked with writing the new laws as they are letting what is going on at the state legislature level to run its course first.

Do you currently own any short term rentals?

@Collin S.

You are entitled to a deduction that is ordinary and necessary(and reasonable) to your business.

Real estate taxes, mortgage interest, insurance, repairs, airbnb commission, cleaning, supplies, depreciation are going to be your key deductions. You may have others.

It is important to properly report airbnb income. Many tax practitioners improperly report it on tax returns are they are not used to having clients who do air bnb.

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