Hi there,
I started a side business doing Swimply (think Airbnb for your pool so basically short term rental). I specifically built a pool in my home yard at the beginning of the year in order to do this business and it has done well. I have a well kept calendar that can show 95% of the time the pool is used for customer bookings. This is my first year so my question is can I put all of the pool building and maintenance cost into my Swimply business accounting records ( or 95% of the costs to allocate business use versus personal). If I have to use the home office method I don’t think I’ll get very much of a deduction compared to being able to allocate all expenses for the pool (or 95% of them) as a business cost to run the Swimply side gig.
How would you recommend we treat the pool building expenses and maintenance cost in order to maximize the tax deductions?