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October 2019 » Tax Treatment of Home-Sharing Activities
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Mary Ann Hofmann, PhD
In BriefThe proliferation of home-sharing platforms has allowed many property owners to make some extra money by renting out their homes, or portions thereof, to vacationers. But like any other income, that money is subject to taxation, and many home sharers are unaware of all of the rules that apply. The author explains the legal requirements regarding classifying home sharing as either a rental or a business activity, and the tax treatment of each, as well as some of the more common compliance challenges.
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