New Investor with Airbnb in TX

[Viviana Villegas]

Hello, my husband and I wanted to get into real estate, so we bought another home and decided to Airbnb our current home in Texas. I have questions about how to best proceed financially for tax purposes. We set up a separate bank account for all expenses and income coming in, but we didn’t set it up as a business account and we haven’t applied or set up EIN. Is this something that is recommended with only one property? Any advice would be great or recommendations to a pro locally in Dallas. Thank you!