new timeshare tax

I have yet to see any Hotel Tax added to my AirBNB guest's charges.

I wonder how that's going for the GVI?

Why is it so difficult for some people to just do the right thing?
When people cheat in one area of their lives, it tends to bleed over into other areas.

Granted, I think this $in Tax is ridiculous and the $25 per day charge is excessive on top of everything else. A lesser fee would have been more palatable.

I wouldn't mind if i knew the monies collected would go to much needed infrastructure improvements, but we know it will be pissed away or into Mapp's pockets

Aren't timeshare owners already paying property tax via their annual maintenance fees and now this impact fee on top of that?

Why is it so difficult for some people to just do the right thing?
When people cheat in one area of their lives, it tends to bleed over into other areas.

Cheat? I read that Tourism Commissioner Doty was working with AirBNB head office to compel them to collect the GVI's 12.5% Hotel Tax from guests directly, as they do in many of the jurisdictions.

Its not my job to be the government's tax collector.

No but you are supposed to fill in the room tax report and submit funds owed.

Cheat?

Its not my job to be the government's tax collector.

It is your choice not to collect the tax, 'not my job man', ---- but it is your legal responsibility to report and pay the hotel tax on income from short term rentals.

As has been said by many before...If it were made to be easy, I wouldn't mind paying the tax. But, I won't submit to the hassle of getting/paying for a business license, fire inspection, etc. or the other unnecessary make work bureaucracy the GVI created to make it difficult every year.

By having AirBNB collect the 12.5% directly and remitting the proceeds in bulk without metadata to the GVI like other jurisdictions is something I can support.

But, I won't submit to the hassle of getting/paying for a business license, fire inspection, etc. or the other unnecessary make work bureaucracy the GVI created to make it difficult every year.
**It is good that all the other services and businesses we all use don't feel the same way.

By having AirBNB collect the 12.5% directly and remitting the proceeds in bulk without metadata to the GVI like other jurisdictions is something I can support.
**Not my job, man

Its not a business...I'm just sharing space in my home!

My Mistake, sorry, I was under the impression renting 'space' through AirBnB was operated as a business with income, expenses, fees, services, labor and advertising.

My Mistake, sorry, I was under the impression renting 'space' through AirBnB was operated as a business with income, expenses, fees, services, labor and advertising.

It can be but it depends on several factors. However, AirBNB isn't required by the IRS to send out 1099's unless a host earns over $20,000 or has 200+ rentals in a year. I don't qualify for a 1099 under those circumstances. So...I suppose its not really a business unless it has reportable income. My CPA agrees.

Justification for cheating the government and everyone else who runs an honest business and pays their fair share.

Justification for cheating the government and everyone else who runs an honest business and pays their fair share.

Yes, absolutely. I never go out of my way to pay taxes and fees that I don't have to pay. Especially when my accountant advises me not to do so. When I have a 1099 from AirBNB, that will be the year I pay taxes on the income...and deduct the expenses.

If you enjoy flaunting the fact that you're dishonest in your dealings then go ahead. Hopefully VIIRB will be lenient with you if and when they (or karma) catches up to you.

If you enjoy flaunting the fact that you're dishonest in your dealings then go ahead. Hopefully VIIRB will be lenient with you if and when they (or karma) catches up to you.

I'm not dishonest nor the least bit concerned.

Again my mistake, sorry, I thought the topic was the IRB Hotel Tax evasion not any IRS report-able income issues.
Does the CPA recommend you don't pay that as well?

My Mistake, sorry, I was under the impression renting 'space' through AirBnB was operated as a business with income, expenses, fees, services, labor and advertising.

It can be but it depends on several factors. However, AirBNB isn't required by the IRS to send out 1099's unless a host earns over $20,000 or has 200+ rentals in a year. I don't qualify for a 1099 under those circumstances. So...I suppose its not really a business unless it has reportable income. My CPA agrees.

If your expenses exceed your rental income year to year then the IRS considers your not for profit income from hobby not "business". However, the income is still reportable and you can deduct the expenses that exceed 2%AGI. Unless you rent your "home" for less than 15 days per year, then you don't have to report any of that income to IRS (and no rental expense deductions) regardless of how much you make.

VI hotel tax is of course a completely different matter.

If you rent your home for one week for $40,000 does that mean you wouldn't have to report it

If you rent your property for 14 days or less, you don't need to claim the income. It's called the Master's exemption named for the annual golf tournament in Georgia.

If you rent your home for one week for $40,000 does that mean you wouldn't have to report it

If you rent your property for 14 days or less, you don't need to claim the income. It's called the Master's exemption

Thanks great example.

Rental income/expenses are accounted for on IRS Schedule E for most individuals. You can take limited losses year after year.

Business income/expenses are accounted for on IRS Schedule C. Only an unprofitable business may convert to a hobby. You can run your rental business as a business if it's your livelihood.

Just because you don't receive a 1099 doesn't mean you don't need to report rental income/expenses. I hope you have your CPA's bad advice in writing - since you could throw him/her under the front tire of the bus before it hits you if and when that might happen.

There is a difference between tax avoidance (good) and tax evasion (bad).

My Mistake, sorry, I was under the impression renting 'space' through AirBnB was operated as a business with income, expenses, fees, services, labor and advertising.

It can be but it depends on several factors. However, AirBNB isn't required by the IRS to send out 1099's unless a host earns over $20,000 or has 200+ rentals in a year. I don't qualify for a 1099 under those circumstances. So...I suppose its not really a business unless it has reportable income. My CPA agrees.

If your expenses exceed your rental income year to year then the IRS considers your not for profit income from hobby not "business". However, the income is still reportable and you can deduct the expenses that exceed 2%AGI. Unless you rent your "home" for less than 15 days per year, then you don't have to report any of that income to IRS (and no rental expense deductions) regardless of how much you make.

VI hotel tax is of course a completely different matter.

(tu)

I agree with caribstx. I doubt many AirBNB operators collect the hotel tax and remit. Its really the government's responsibility to work with AirBNB since they're the one collecting the money from the guests.