Avoid unpleasant surprises at tax time by understanding the tax implications. A 1031 exchange might be available if the vacation rental property has been used solely for investment purposes. If the vacation property was used exclusively as an investment, it may not be eligible.
It is important to correctly price your Airbnb property. If your property is too expensive, it will not be purchased. You could lose out if you price it too high. You might also make buyers suspicious of your low price.
We recommend that you speak with a local realtor for expert advice about pricing and selling. They can provide you with current data and help you to review any details regarding your property or business. They can also help you sell your furniture or other assets.
The taxman is always ready to help. It won't go away, but planning and due diligence will help minimize taxation. This is possible by learning the laws and loopholes which may apply to you. Capital gains tax is required when you sell your property. This tax will be much higher than if you were to sell your family home.
A tax attorney is highly recommended to help you understand the tax consequences of selling your business. Talk to a Qualified Intermediary if your intention is to do a 1031 trade before you list on the market.
You might not want to sell your property, even if you've achieved Superhost status. You can keep your Airbnb URL, reviews, and status. Only need to change your bank account information.
