@Richard1313:
Congratulations on a great first experience!
The amount of taxes you will pay depend on your total income level. (Rental income + your day job + any other income = total income). Probably the average tax rate is about 25%. Any income from Airbnb is taxable regardless of the type of rental.
Some Airbnb expenses can be tax deductible to lower your total income such as the purchase of sheets for the rental beds. If you create a home office which would be a dedicated area that might contain a desk and computer from which you respond to requests, manage bills, etc. then you may be able to deduct that specific square footage from your taxes too. Because internet is a requirement to operate your business it also may become a tax deduction. Anytime you drive to the store or drive anywhere specifically for the rental business as a purpose (say to buy new sheets) the mileage can also be deducted, but this needs to be verifiably tracked/recorded in the event of an audit. Be sure to keep all of your recepts too.
Airbnb will not deduct any personal taxes. They will report the amount they paid you to the IRS using form 1099-K if you earned $20,000 and had more than 200 bookings in the tax year. If you don't get a 1099 then you can download the payment totals yourself: admin panel/performance/earnings/transaction history.
If you are going to advertise your home as "Entire House" then you CANNOT be present during the guest's stay. While you can utilize your bedroom during unbooked nights and keep the door locked during guest stays to prevent access, you cannot enter the home at any time during a booked period (unless emegency like unclogging a toilet). Airbnb advertises "entire homes" to guests as, "Entire place- You’ll have the space to yourself and will only share it with those you’re traveling with."
Disclaimer: I am not a tax professional but I have been in the rental business (both LT and ST) for several years and the above information is what I have gleaned from my own taxes and accountant.
