Level 3

Client is a landlord and received rental assistance payments from IHDA. Where to report?

Forum|Forum|2 years ago
April 15, 2024
1 reply
12 views

Client has a 3-unit property that he reports on Schedule E. In 2023, two of his tenants were approved under the Asylum Seekers Emergency Rental Assistance Program. My client (the landlord) received these payments in 2023. Where do I report the payments on client's tax return? Is this reportable under IRS 1040 and IL1040? Please advise.

Lastly, he also has an Airbnb in TN and in FL. Do I also have to file taxes in each of those states even if it was a net loss?

qbteachmt

Level 15

Your landlord is in the business of rentals. The payment that is made to him, for rent, is rental income for him.

I google:

nonresident tn air airbnb income

and get:

https://community.withairbnb.com/t5/Community-Cafe/Do-I-need-to-file-a-tax-return-for-my-Airbnb-in-Tennessee-if-I/m-p/1244393

Did the same, substituting FL for TN:

https://assets.airbnb.com/eyguidance/us.pdf

https://www.avalara.com/mylodgetax/en/resources/vacation-rental-tax-guides/florida.html

https://www.airbnb.com/help/article/2301

https://turbotax.intuit.com/tax-tips/rental-property/10-tax-tips-for-airbnb-homeaway-vrbo-vacation-rentals/L8CEWgLSP

Another thing to do is look up the Nonresident Filing requirements for your taxpayer for each State where money was made or business was transacted. What you are asking is "nexus" and considering the different State and Local tax issues, as well as lodging or short-term rental specific issues, you are going to have to do the reading yourself.

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