Property Management - HELP

Answered!
Moira135
Level 2
Sturbridge, MA

Property Management - HELP

Hi- 

I am listing my first AirBnB for an ownership group that is an LLC.  I created the AirBnB listing and hope to manage other properties but for now I only have one.  Should I be providing my tax information or the LLCs?   Also, does it make the most sense to have the money go into my bank account and then I transfer to the owners after taking my fee? If I do that, do I need to provide the LLC with some type of end of the year tax documents?  I am brand new to this and would love some advice.

Moira

1 Best Answer

@Moira135 No.  IMO, Owners should have their own accounts and you should be listed as the cohost.

 

If the properties were all listed under you as the property manager, you would be receiving the 1099 tax forms from AirBnB for ALL of the properties and would be liable for defining the income -- i.e., showing what was disbursed to the owners, who also would need to be accounting for the expenses, which should include your fees.  You would also have to provide each owner with a 1099 form from your LLC.

 

Talk to an accountant about your proposed business.  

View Best Answer in original post

3 Replies 3
Helen3
Level 10
Bristol, United Kingdom

You should really have owners set up their listing and add you as a cohost then they can set the commission they pay you as the cohost to go into your business account @Moira135 

 

I would speak to your accountant about tax information but if you have an LLC it would make sense for the listing to be set up with its details 

But if I manage multiple properties for different owners wouldn't it make more sense for me to have 1 AirBnB account that I work them all through?  I wish there was a better way set this up as a property manager but to link the info to each owner separately.

@Moira135 No.  IMO, Owners should have their own accounts and you should be listed as the cohost.

 

If the properties were all listed under you as the property manager, you would be receiving the 1099 tax forms from AirBnB for ALL of the properties and would be liable for defining the income -- i.e., showing what was disbursed to the owners, who also would need to be accounting for the expenses, which should include your fees.  You would also have to provide each owner with a 1099 form from your LLC.

 

Talk to an accountant about your proposed business.