Co-Hosting and financial obligations

[Nathan Wierzgac]

Hey guys! I am hosting an airbnb property for my father-in-law. He wants it completely hands off and for me to handle everything.  I have added my tax information int Airbnb as it required. I am hoping someone can lend some experience or insight into how they have/would manage the finances for this... Should I open a business checking account and run everything through there and just pay him out his portion each month after expenses? How does that work tax wise if everything is under my name? Any advice is greatly appreciated. Thank you!

[John Underwood]

You'll be obligated to pay all the taxes. You can 1099 him from your business or just have an agreement to withhold taxes.