How is rental income for Airbnb taxed?

If you rent out your home for no more than 14 days during the year, you don’t have to report any income, but you can’t claim any expenses other than itemized deductions allowed to all homeowners (e.g., mortgage interest, property taxes). If you rent it out for more days during the year, you must report all of the rental income. However, the amount you’re taxed on is reduced by allowable expenses. The rules for claiming rental expenses, including depreciation on a home you own, are complicated, and are based on how much you use your home during the year.