With the unofficial start of the summer season, some homeowners may be thinking about listing their homes on Airbnb to bring a few extra dollars. Before doing so, determine whether it’s legal (check local zoning laws; check homeowner association rules). Also check on whether there’s any local occupancy tax to be paid (e.g., Massachusetts’ excise tax of 5.7%–up to 6.5% in Boston–goes into effect on July 1, 2019). And finally, learn the federal tax rules on reporting rental income and expenses on short-term rentals.
New blog post today! How the DOL Views Workers in a Virtual Marketplace Company
