Renting a room in your house — or your entire abode — is a quick way to make hundreds or even thousands of dollars, Freedman said. For example, if you travel frequently for work or fun, you could list your home on HomeAway. com or VRBO. com to rent it out to other travelers while you’re away. If you have a spare room and want to host guests while you’re at home, you can do so through Airbnb. com.
As long as you don’t rent some or all of your primary residence for more than 14 days a year, you won’t have to pay taxes on your earnings, Freedman said. Just make sure to keep valuables and sensitive paperwork in a safe or locked file cabinet while guests are in residence.
