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Jan 04, 2016

3 Things to Know Before Renting Your Home on Airbnb

 

Airbnb is bigger than ever.

In case you’re unfamiliar with the service, it’s a website that connects people looking to list, find, and rent lodging. Many of those with homes in St. George are taking advantage of this service to make a few bucks while they’re gone on vacation.

If this is something you’ve thought about, here’s some advice before you take the plunge.

Will you rent more than 14 days a year?

Airbnb sends tax forms documenting this income to the IRS so if you plan on renting your home out for more than 14 days a year, you’ll need to report the extra income on your taxes. Because it’s your personal home, your options for taking deductions will be limited.

What does your homeowners insurance cover?

Some insurance companies cover a few short-term rentals, but lots of short-term visits may require you to purchase a business policy. Airbnb does offer insurance protecting

you from home damage or injured guests.

Some small service fees

You owe a small fee every time you rent out your home. According to Airbnb’s website, there’s a “…3% host service fee every time a booking is completed on our online platform. This fee covers the cost of processing guest payments and comes out of the host payout.”

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