Tori, I ama new host and I had the same questions about taxes. Thanks for that info. I wish I could get more info on what's legally required of me as a host than anectodal info from other hosts. My bookkeeper (for my business, not for airbnb) doesn't know either.
You sound like you're more the know that anyone I've spoken to yet. Can you share what you've learned?
You said we have to pay the sales tax. Do you pass that expense along to your guests as a line item add-on, or do you just deduct a portion of your earnings?
Did you have to register with the state as a business entity?
Any other tax-related requirements you can share?
I assume I declare my airbnb income along with other income I earn, and all accumulated income will be taxed based on the resulting tax bracket. Correct? Much appreciated...