Hello, I have one short term rental and am wondering what ap...
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Hello, I have one short term rental and am wondering what app you're using to keep track of income and expenses also reciepts...
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Top Answer
Alas...Airbnb's system for handling Trusts as the "Owner" is a bit confusing and tedious. Yes, you still have to have an individual (Trustee) that manages the account and your name and ID must be verified the normal way. They will ask for your photo ID and you must upload that.
Airbnb will probably require you to delete your current travel profile, as you cannot have two profiles that use the same phone number and email address. Ask Airbnb about that. You can still do personal travel under the Trust account (switch to traveling), but you would setup your payment info (not the Trust) for trips. Ask Airbnb about that.
Trust Tax ID Number
You would need to add the Trust's Tax ID number (EIN) so taxes are reported correctly under the Trust name and NOT you individually. Be sure you enter the name of the Trust EXACTLY as the IRS shows the name on your confirmation letter of EIN from the IRS (or other Tax Authority). Otherwise, you will see a warning that the Tax ID is invalid. Airbnb matches what you enter with the IRS database (or whatever Tax authority applies in your country). If you have a new Tax ID for the Trust (less than 1 month since you got it), it will most likely be rejected as invalid, as the IRS takes about 2 weeks to update their database with the new EIN. In your case, not sure as it would depend on the country where the listing is located and their requirements.
Trust Bank Account
You'll need to have a bank account under the Trust name and use that for payouts as you mentioned.
Know Your Customer (KYC)
This is a regulatory requirement for the US and most countries that Airbnb must abide by. You'll have to go through Airbnb's KYC (Know Your Customer) verification process....involved. Most of the information they ask for is really for a business entity (they don't have a system really setup for Trusts).
Read through this Airbnb Help Article BEFORE you start entering information:
Know Your Customer
https://www.airbnb.com/help/article/3800
They will send you a link to add all the details. Be sure you have a copy of the Trust available as you'll most likely need to upload that for supporting documents. As part of that process you will need the names/addresses of the Trust beneficiaries and where the beneficiaries were born and their dates of birth. You'll also need to indicate the percent each beneficiary has of the Trust. This is a pain. I have seen this whole process take about 10-14days if all goes well - longer if you don't fill out the information correctly, or provide the required documentation.
Be aware that when you submit the information, you usually get an error message - Airbnb has a known bug with the software they are using. You'll have to continue to stay on top of this as you have no way of knowing if Airbnb received the information or not, due to the error message when sending.
Error Messages
Alas...Airbnb's system for handling Trusts as the "Owner" is a bit confusing and tedious. Yes, you still have to have an individual (Trustee) that manages the account and your name and ID must be verified the normal way. They will ask for your photo ID and you must upload that.
Airbnb will probably require you to delete your current travel profile, as you cannot have two profiles that use the same phone number and email address. Ask Airbnb about that. You can still do personal travel under the Trust account (switch to traveling), but you would setup your payment info (not the Trust) for trips. Ask Airbnb about that.
Trust Tax ID Number
You would need to add the Trust's Tax ID number (EIN) so taxes are reported correctly under the Trust name and NOT you individually. Be sure you enter the name of the Trust EXACTLY as the IRS shows the name on your confirmation letter of EIN from the IRS (or other Tax Authority). Otherwise, you will see a warning that the Tax ID is invalid. Airbnb matches what you enter with the IRS database (or whatever Tax authority applies in your country). If you have a new Tax ID for the Trust (less than 1 month since you got it), it will most likely be rejected as invalid, as the IRS takes about 2 weeks to update their database with the new EIN. In your case, not sure as it would depend on the country where the listing is located and their requirements.
Trust Bank Account
You'll need to have a bank account under the Trust name and use that for payouts as you mentioned.
Know Your Customer (KYC)
This is a regulatory requirement for the US and most countries that Airbnb must abide by. You'll have to go through Airbnb's KYC (Know Your Customer) verification process....involved. Most of the information they ask for is really for a business entity (they don't have a system really setup for Trusts).
Read through this Airbnb Help Article BEFORE you start entering information:
Know Your Customer
https://www.airbnb.com/help/article/3800
They will send you a link to add all the details. Be sure you have a copy of the Trust available as you'll most likely need to upload that for supporting documents. As part of that process you will need the names/addresses of the Trust beneficiaries and where the beneficiaries were born and their dates of birth. You'll also need to indicate the percent each beneficiary has of the Trust. This is a pain. I have seen this whole process take about 10-14days if all goes well - longer if you don't fill out the information correctly, or provide the required documentation.
Be aware that when you submit the information, you usually get an error message - Airbnb has a known bug with the software they are using. You'll have to continue to stay on top of this as you have no way of knowing if Airbnb received the information or not, due to the error message when sending.
Error Messages
