Ready to host under LLC

[Onyx1]

I’ve been an AirBnB customer since 2014, but am now ready to host under an LLC. Is there any way to keep my current account and just change my name to an LLC, or do I have to start a new account under my LLC? 

[Annie1372]

@Onyx1 

@what is LCC and why would you need to open a new account

[Lorna170]

@Onyx1   You do not have to change anything.  My properties are in LLCs for insurance and tax purposes.  I list on OTAs under my name as the owner/host.  Documentation received by my guests establishes the LLC relationship, i.e., they get a rental agreement to sign.  I use the same account as a traveler.  If you are going to list your property for vacation rental, use your established account.

[Sal2982]

Please could you elaborate the tax difference between both?

[Lorna170]

@Sal2982   An LLC is short for limited liability company, and is a beneficial business structure for some businesses, as it provides pass-through taxation and limited liability protection for its owners.  You can prepare a separate 1040 and pay taxes under the name of the LLC, or you can use a schedule E on your personal 1040 to report your rental income and expenses.

Talk to your attorney or tax accountant.