Do you have income from AirBnB? (05/18/2017)

If you use one of the many online platforms (AirBnB) available to rent a spare bedroom, you are involved in what is sometimes called the sharing economy. 

An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation acommondations and perform many other activities. Although this is a developing area of the economy, there are tax implications for the companies that provide the services and the individuals who perform the services. 

This means if you receive income from a sharing economy activity (such as AirBnB), it is generally taxable even if you don't receive a form 1099MISC, Form 1099K, Payment Card and Third Party Network Transactions, Form W2, Wage and Tax Statement, or some other income statement. 

This is true even if you do it as a side job or just as a part time business and even if you are paid in cash. On the other hand, depending upon the circumstances, some or all of your business expenses may be deductible, subjuect to the normal tax limitations and rules.