Hello and Happy Wednesday:
Love the entrepreneurial spirit of the Airbnb. If you rent out a room, rather than the entire house, for over 14 days, you include the income on your taxes and you can take business expenses. However, you can’t deduct 100% of expenses like mortgage interest and property taxes when you are not renting 100% of the house. These must be apportioned between personal and business use of your residence - just like utilities too.
Here is a great resource with further details to guide you: https://turbotax.intuit.com/tax-tips/rental-property/10-tax-tips-for-airbnb-homeaway-vrbo-vacation-r...
Have an amazing day. Evelyn M (CPA 20+ years)
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