Here is Australia we are fortunate to have a number of good insurance options available and, I would urge every host to take note of these options and use one or the other. This page is for informational purposes only and does not constitute tax advice.On a daily basis we are seeing posts from hosts seeking information about insuring their properties while hosting, so I felt it is about time to lay out the landscape where hosting insurance is at in this country, (Australia). This means keeping excellent records in case of a tax audit. □Depreciation □Home decor expense □interior designer fee □Advertising your home for rent through a home-sharing service □Commissions or fees you pay to others who help you find renters, including Airbnb fees □Legal and other professional fees that relate completely to your business □Repairs to the area used for your Airbnb business □Supplies and equipment used only in your business □Cleaning and maintenance □Utilities □Insurance on your home □Mortgage interest □Property taxes □Tax preparation expenses You must be able to prove that your expenses are both ordinary (typical for Airbnb hosts) and necessary to run your business. This is a brief overview of these expenses. You can take advantage of the short term rental tax loophole to get massive tax savings □ Tax deductions include just about every conceivable expense associated with rental properties – plus some just-on-paper expenses□□ Here are the expenses you can deduct from your activity as an Airbnb host. Which expenses can you deduct for a Short Term Rental (airbnb/vrbo)? Short term rentals comes with some of the best tax advantages in the world.
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