Tax Time

[Matthew1646]

Hey all,

I started air bnbing my personal home in April. I've found great success as I live in a very historical town. I've had 26 bookings since April so needless to say I've barely been in my home on a weekend. I've found that 99% of my guests have left my home in great shape, followed rules, etc. Despite pushback from set of neighbors who do not like the fact I'm renting my place out, I have thoroughly enjoyed the experience.

My question is what is this going to look like at tax time. I'm worried I'm going to owe a ton to federal taxes because it's a 1099 and federal taxes are not deducted up front. I have a decent regular job and this has been tremendous extra income for me. What should I expect at tax time? What can I deduct. Like I said own the home and use it as my primary residence. I'd say by the end of the year, I will have rented it out about 50-60 days if this helps at all with figuring anything out. 

Any advice, tips, ideas of what I should be prepared for would be welcome.

Thank you

[Anonymous]

https://www.airbnb.com/help/article/182/what-expenses-are-deductible-from-my-airbnb-income-as-a-host...

[Fred13]

Conceptually, STRenting is 'self employment' that means is not just an open & shut salary per se and thus lends itself to different deductions, and that is when it gets 'interesting'. The more one learns what those are, the better.