What taxes apply to rental income?
It depends on the location. Generally, as a vacation property owner you need to investigate applicable taxes at the state, county and city level. Some tax jurisdictions charge sales tax plus a special lodging or accommodations tax on short-term rentals. Others do not charge sales tax but have special tourist, occupancy or accommodation taxes.
Related Questions
- What are the tax implications for renting during this period? Will I be required to pay income or other taxes on rental income?
- How will the bills be paid, like the taxes on a property, and also how will I receive the money from the rental income?
- Does rental income cover all the expenses such as the mortgage, utilities, taxes etc.?
