Room for taxi at home (5)
I believe the answer is:
cabin
'room' is the definition.
(cabin is a kind of room)
'taxi at home' is the wordplay.
'taxi' becomes 'cab' (synonyms).
'at home' becomes 'in' ('I'm in' can mean 'I'm at home').
'cab'+'in'='CABIN'
'for' acts as a link.
(Other definitions for cabin that I've seen before include "Hamper" , "Compartment on a ship" , "class at sea?" , "Railway signal box" , "Small room on a ship" .)