Let your renter know exactly what they can look forward to when they book a stay in your home, apartment, or spare room. Write out a detailed description of your property. If your budget permits, take the precautionary step of having potentially-costly issues fixed before they have a chance to become a problem.
Remember, sometimes you have to spend money to make money. X Trustworthy Source Consumer Reports Nonprofit organization dedicated to consumer advocacy and product testing Go to source If not, invest in a floor safe where you can stash your items while your property is occupied. Move any particularly expensive belongings you wish to safeguard to another location, if possible. Look for a policy worth equal or greater to what you stand to lose in a worst case scenario as a host. If you have rare valuables or risk factors like a leaky roof or deteriorating foundation at home, however, it may be a good idea to apply for additional coverage to make sure you won’t be left on the hook in the event of an unforeseen incident. This will be more than enough to give most users a sense of security. One of the biggest perks for Airbnb hosts is the company’s million-dollar host protection policy. 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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