One of our most common questions I receive is what can I claim if I rent out my property through Airbnb?
We could go into great detail on this topic but for today let's touch on the types of expenses and how to calculate the amount of expense that is claimable.
Some of the more common expenses interest on your mortgage, insurance, property tax and utilities.
However, some expenses you may not be aware that are claimable for example is new bedding, plates, décor, toiletries etc.
The portion of the expense that can be claimed is based on the amount of time it was used for renting versus personal use. If you were to rent out your cabin for say 2 weeks in July and 2 weeks in August you would need to calculate the portion of the time that it was rented. 28 days / 365 days in the year = 7.67%.
Therefore you can claim 7.67% of the expenses incurred that year.