Is AirBNB, VRBO, etc considered rental income?
Hello fellow investors. I'm still wrapping my head around the how much information there forums have and the wealth of knowledge there is. Being a newbie, I have tons of questions and have learned a lot, however I want to throw a topic out there that I think I know the answer to but am not 100% sure.
There is a property in Colorado that I know is being flipped and will be on the market in the relatively near future. If I purchased this property as a "rental" property (in an LLC and for passive income), but didn't put tenants in it and instead put in on Airbnb,VRBO,etc., can that still be considered a rental property and the income classified as rental income? I was under the impression that any income generated from airbnb, etc is considered self-employment income and would be reported on a 1099 (I think that is the self-employed tax form). But I don't know if not being a primary residence would qualify it for being considered a rental property and void the self-employment stuff. I hope this is clear enough and to gain some insight from anyone. Thanks for the help and thoughts!