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Updated almost 7 years ago,
Property with short term and long term rental income HELP
Just found the site and am tearing through podcasts and articles. Such a great resource. Thank you to the founders and wonderful contributors. It has been a huge help.
I currently only have one rental property but am currently under contract on my second deal. Pardon my ignorance if I ask anything stupid. I've searched for my question below but came up empty.
My first primary residence we lived in from Jan1-May 15. During this time we occasionally rented the house on Airbnb while we were out of town.
May 15-Aug 1 I rented it a bunch on airbnb and on Aug 1 a full time tenant with a year long lease moved in.
I'm at a loss on how to treat the taxes here. Do I separate out the income from the short term rentals and long term? Or do I lump them all together and just treat it all as rental income. I'm using turbo tax business.
At this point I want to do my own taxes this year. I realize once I have multiple properties this will become much more difficult and probably not worth it but I'd like to know how this works. Thanks in advance.