Tommy, your query regarding who's carrying on the trade got me thinking; one can make a lot more money from AirBnB; are there people who pay landlords a premium to take their properties with a view to them making a premium on that?
I am surprised by this. Does it matter if there is a mortgage on the property, as the interest would be a cost.
Can I set my kids to work running an Airbnb business in a property I own and put the income down as theirs for tax purposes. They could buy my groceries for a change.
It may. As always it depends on the circumstances. If I'm running an AirBnB operation in your house and earning something for myself from it, I would expect that this counts as my income, not yours. If I'm doing so and you're using the net proceeds to pay down your mortgage, its your income. Am I entitled to claim as a deduction against my taxable income, an overhead that someone else is incurring, I think not.
Can I set my kids to work running an Airbnb business in a property I own and put the income down as theirs for tax purposes. They could buy my groceries for a change.
Tommy, your query regarding who's carrying on the trade got me thinking; one can make a lot more money from AirBnB; are there people who pay landlords a premium to take their properties with a view to them making a premium on that?