It really depends on how many nights you host. If you use the dwelling unit as a home and rent it for less than 15 Days then you don't have to report income, but you can't benefit from the deductions either. If you are paying tax elsewhere, those deductions can actually reduce your overall taxes depending on your situation. I write about AirBnb taxes on my blog here http://www.gatortaxprep.com/what-about-airbnb-taxes/