The quick read
Key points
- Retain booking and payout evidence.
- Describe services and personal use factually.
- Reconcile before the tax handoff.
Keep the stay-level source records
Retain booking dates, stay dates, cancellations, refunds and property identifiers from each platform or manager. Keep personal use and blocked periods clearly labelled. A net deposit does not show every component of the guest transaction.
Document the services actually provided
Prepare a factual description of cleaning, guest services and other activities, including who performed them and when. Save the agreements and invoices. Do not choose a return form or tax status based only on the phrase short-term rental.
Reconcile gross activity and payouts
Compare platform statements, fees, taxes withheld or collected, adjustments and the bank payout. Review whether an imported deposit has already been represented by detailed statement activity. Preserve the explanation of differences and unsettled amounts.
Ask for the filing decision
Give the reconciled records and service description to your tax professional. They should determine the applicable forms and treatment. IQ’s reports prepare recorded figures; they do not validate a tax strategy or file a return. This is not tax advice.
Before you finish
- Retain booking and payout evidence.
- Describe services and personal use factually.
- Reconcile before the tax handoff.
Official guidance for your review
Confirm the current edition and your circumstances with a qualified professional.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.