All Forum Posts by: Himanshu Singh

I have to same question. Verdict is I guess separate accounts. But is it better to have a separate business or personal account? Separate business account I guess will give you an ability to get a small business loan if needed.

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Charleston, South Carolina

Quote from @Paul Sandhu:

Quote from @Himanshu Singh:

Quote from @Luke Carl:

I think you'll find the tax advantages are the same regardless of sole prop or llc on title. Management also won't make a difference if I'm understanding your question correctly.

But I'm not licensed expert!

Thank you for your response.

Are you guys using personal banking accounts for expenses and collecting revenue for the STR or opening a separate bank account for it ?

Separate bank account in a separate bank from my personal account. Every deposit is revenue. Every check is an expense. My credit card reader makes a deposit to this account. I pay all the bills with checks from this account. It makes doing taxes easy. There is no commingling of funds.

Thank you !

And the separate bank account is under your personal name or business name ?

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Quote from @Luke Carl:

Thank you for your response.

Are you guys using personal banking accounts for expenses and collecting revenue for the STR or opening a separate bank account for it ?

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Quote from @Stephen Stefanini:

So, here is my specific situation (I should have put this in my original post):

1 STR operating since Nov. 2017

1 LLC, which is operating the STR

Average length of stay is between 3-6 days

Everything is being run through the LLC's bank

Questions:

Should I do the taxes myself (I've been a turbotax user in the past)
Should I hire an accountant?
Do I need a CPA?
What else should I be asking that I have not thought of yet?

Hello,

I am in the same shoe as you were. What did you finally end up doing ?

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Quote from @Michael Greenberg:

Generally speaking YES, I would get in touch a with your CPA, or if you don't have one I work with sharedeconomycpa - they're a young group who specializes in STR CPA services.

How has your experience been with this CPA frim ?

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Hello All,

Quick question to see what others are doing for optimizing tax advantages for STR.

Background:

We got a second/vacation home during the pandemic and now its ready to go online as an STR in the Russian River area in Sonoma, CA.

The property is in our personals names and we are going to use a vacation rental management company for day to day management.

Question:

Are there any tax advantages of setting up an LLC and going into contract with the management company for the running the business instead using our personal names and back accounts ? Wondering what others are doing when they have the house in their personal names and using a management company for day to day running of the business.

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Do you own any properties here? I've been looking in to it too, want to get the scoop from any one who is experienced.

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Do you need to have a lawyer or CPA once the LLC is setup ?

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My first STR is about to come online in Fountain square. Let me know if you have any questions. @Tyler Lingle Helped me get this charming bungalow in the heart of fountain square !

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Indianapolis, Indiana

All Forum Posts by: Himanshu Singh

Himanshu Singh has started 16 posts and replied 65 times.

Post: Fountain Square Indy, Looking to Invest

Post: Do you have a business checking account?

Post: Tax advantages for STR/Airbnb owners

Post: Tax advantages for STR/Airbnb owners

Post: STR / Airbnb Tax advice

Post: Airbnb Tax Write Offs

Post: Tax advantages for STR/Airbnb owners

Post: Any small towns in CA that cashflow?

Post: Should I open a separate LLC for my STRs?

Post: What are the Best STR Areas in Indianapolis?