Property held in IRA's

[Robert294]

Hello,

I am just starting to Host. My condo is owned by myself but through an IRA so payments must be made to IRA Company Name FBO (for the benfit of) Robert Marro. How do I setup my account to issue payment using this as the host?

I apreciated the help.

Sincerely,

Bob

[Clare0]

@Robert294 Hmm, that's one of the more interesting questions!  I would think that all you would need to do is set up a payout preference account whose title was XYZ as Trustee for Robert X IRA.  You'd have to have the account number and transit routing number to a money market / savings or checking account in order to do this.  I don't think Airbnb checks or cares what the title of the account is. 

I would imagine that you'd have to make sure that the financial institution categorizes the payout transactions as IRA transfers as opposed to contributions otherwise you could get yourself into a tangled mess. 

Again, I don't think Airbnb cares what the title of the account is....they only need to be able to verify that transactions are processed properly and that the account has been set up correctly account number wise.  I'd ask the financial institution how they will code the transactions when they receive the deposits. 

Best answer I can think of, but, sadly you just might have to consult with Airbnb.  🙂

[Bonnie111]

We are undergoing the same venture only our is even a bit more complicated. My husband and I co own properties through our IRA. We wish to make a new purchase property an Airbnb entity but 50% of payment needs to go in mine and 50% needs to go in my husband's. Is this still doable? I sure hope so. Thanks for advice.

[Bonnie111]

 I am adding to this conversation for the benefit of others who may be considering doing this with their IRA owned property. We have had ongoing issues with trying to get it accomplished and, in our case, the problem is at the IRA end. IRA accounts can not/will not process payment by credit cards. There is no mechanism to do this. What we have been told to do is create an LLC first and then direct payment can be received by the LLC. Getting very complicated and now we are not sure if we will do this, which would be a major disappointment. It might also affect our taxes. Bummer.

[Jan408]

Hi Bob, What did you end up doing?  I'm trying to do the same thing with my IRA property.

I live here in Centennial, and the property is in Albuquerque NM.

Thanks,

Jan