Draw a Picture. Enjoying your creativity can be a wonderful way to relieve stress, and it's not just an activity for artists. It's been proven that drawing and coloring can effectively relieve stress, so pick up a pencil and doodle.
In fact you don't even have to report the income to the IRS. Your rental income is tax free if, during the year: 1  you rent out your home for 14 days or less), and. 2  the home is used personally for more than 14 days, or more than 10% of the total days it is rented to others at a fair rental price. ( 3 IRC Sec. 280A(g).).
If you rent your main residence (house or apartment) over 14 days during the year, and live in it 15 days or more, you wonât qualify for the tax-free treatment described above. Instead, youâll have to report and pay income tax on your rental income by filing IRS Schedule E along with your tax return.f you do this, you may have to pay federal and state income tax on your rental income. Rental services like Airbnb ordinarily report to the IRS the rental payments they send to their hosts each year by filing IRS Form 1099-MISC.