Just getting started. Now what??

[Annette833]

I have completed our one bedroom, one living room, one bath with two sinks and spacous shower. It has its own entrance with an outside living area and fire pit. How do I get this process started. I have been reading all the tax information needed and that was a bit daunting and have a message into that divison for help in that area. What should I do first? 

[Solveig0]

Welcome to Airbnb @Annette833 ! Have you created a listing? 

[Annette833]

Not yet. Trying to figure out if I want to be a  individual/sole proprietor or LLC (single member)

[Lorna170]

@Annette833 I highly recommend having a conversation with an attorney who is familiar with the differences between having a property in an LLC as opposed to being an individual proprietor.  Once you have heard about the protections offered through an LLC designation to your private property, meet with an accountant to define how to best handle the income and related taxes.  You did not indicate whether this is a stand-alone property or a portion of your own residence, which does make a difference.

I am not an attorney and do not know about the law in your jurisdiction.  However, we have stand alone properties that have been deeded to LLCs in order to safeguard our personal assets against claims, and have a tax process to report the income and expenses, both as pass-through to our 1040 and as a their own tax report.  

[Annette833]

Great. Thank you. I was going to talk to an lawyer, but did not know really where to start with the whole process. I also have a pre appointment set up with one of Dave RAmsey's advisors to pick their brain on the legal and money side also.