Airbnb hosts claim too much in expenses

23.03.2019 - 07:09
Airbnb hosts claim too much in expenses
A large number of Faroese Airbnb hosts are claiming far too many expenses, says tax authority TAKS
Some Airbnb hosts claim as much as 55 percent in expenses when they file their tax returns

TAKS has found that many Airbnb hosts are claiming far too much in expenses, with some claiming up to 55 percent.

This means that many of them do not pay their rightful taxes.

TAKS believes that in many cases this is due to a lacking knowledge of the tax system.

Fifteen percent is reasonable

In most cases, there is a limit to how much an Airbnb can claim in expenses. 

TAKS says that 10-15 percent is reasonable, and that the 55 percent, which many appear to think is correct, is far off the mark.

Only expenses related to running and maintenance costs qualify for deductions, so for instance costs related to preparing a property for Airbnb rental cannot be claimed as expenses in this context, according to TAKS.

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