government agency in charge of managing the Federal Tax Code Go to sourceĬonsider purchasing separate insurance to cover high-value properties. X Trustworthy Source Internal Revenue Service U.S. This form is used to report earnings and losses for businesses with a single owner. Keep in mind that if you make your Airbnb business official, you’ll need to file a separate Schedule-C attachment along with your normal income tax documents.The biggest benefit of forming an LLC is that you yourself won’t be held liable if one of your renters decides to sue you for any reason, which can be a major relief if you plan on running a long-term business.
You’ll then be recognized as the sole proprietor of your business. After completing your Articles of Organization, submit them to your state’s LLC filing office. Setting up a limited liability company, or “LLC,” is usually as simple as filling out a few pieces of paperwork registering your business in the state or territory where you’ll be operating. Form a legal business entity to protect your Airbnb business.
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