Air b n b as a self directed IRA (exempt from taxes)

[Desiree133]

Hi, do any of you have an air b n b that is being operated under a self directed IRA? I have one that has just opened for business and now I'm trying to reconcile the taxes. As a self directed IRA, it is exempt from paying taxes, but I'm not sure how to make sure this is set up correctly in Air bnb. Does anyone have any experience with this? Help! Thank you!!

[Ann72]

@Desiree133  Does your Airbnb have its own tax ID?  And corporate name?  If so you can go to Account -> Professional Hosting Tools and request Professional Hosting Tools.  When you get them, put in the name of the company and the tax ID that matches the tax return (or the tax exemption form).  This is all you can do or need to do on the Airbnb side.  After that it's up to your accountant and the way you fill out the forms you file with the IRS.

[Desiree133]

Thank you so much! Ill give it a try! Yes, I have a corporate name and its own tax ID. I appreciate the response!

[Ann72]

@Desiree133  Just saw this because there was no like or @ mention on my response, but glad it was clear!

[Desiree133]

Aha! Got it! Thx for the tip! @Ann72

[Ann72]

@Desiree133  You're a fast learner - you'll go far with your Airbnb!  😄

[Kia272]

@Desiree133  Hi there! Can you elaborate a little bit about this set-up? I'm just curious. I thought investing with a self-directed IRA was supposed to be more of an arms-length thing. It sounds like you're running the AirBnB? I'd love to understand how it works. Thanks!

[Desiree133]

Hi ,@Kia272, Yes it need s to be arms length, however, if you hire a management company to run all, you are safe and from what I understand within the law. I have used several companies who are intimately familiar with the in's and outs of the SDIRA's; one is Quest based in Houston (but they do many online, free video seminars. I'm in Dallas and have attended many here at their Dallas office. I have also used Prosperity Wealth, but am most impressed with Quest. Best of luck to you!