First, if you
rented your property for 14 days or less, you are not required to report the
rental income and will not deduct any related expenses.
Most taxpayers
are strictly providing the rental, and will report Airbnb rental activity
on Schedule E. If this is your situation, begin by going
to Wages & Income, then Rental Properties (or search for
"Schedule E"). These instructions may be useful:
Where
do I enter income and expenses from a rental property?
Where do I enter income and expenses from a rental property?
If you are listing your property on Airbnb and do not
own it (i.e., you are a renter) you should enter that you own it, and that you
are an active participant. In terms of your expenses, you can list your
rent but only for the months that your unit was available for rent (pro-rate
the rent if you only rent part of your property and live in the rest).
When TurboTax asks about deprecation and mortgage
expense. leave those blank. You will not depreciate the property.
If you provide
services to your guests (ie. breakfast, daily maid service) you will report
your income from Airbnb as self-employment on Schedule C (or Schedule
C-EZ, if you qualify).
Begin by going
to Wages & Income, 1099-Misc and Other
Common Income, Income from 1099-Misc (or search for
"1099-MISC").
This article is very
informative, and will answer many questions you may have about tax treatment of
Airbnb income:
Tax
Issues When Renting Your Home With Airbnb, HomeAway, or VRBO
