Don’t want to feel like you’re always “on” as an Airbnb host? Consider hosting guests for just a few days each year. Typically, when you make income by renting out space, that income is subject to taxes. But the IRS has an exemption: If you rent out your home for fourteen days or fewer, you’re exempt from paying taxes on the money you make. That means you can take advantage of big events happening near your home—maybe a big sports game, music festival, annual parade, or college graduation weekend—and host guests during these times when hotels and other rentals may be booked or overpriced.
Of course, check your local regulations before doing this, and make sure your renters or homeowners insurance will cover any incidents that may arise during that brief period.