Tax information validation (US)

Regulations/Tax Issues
1

I did a search on this topic, didn’t find it being discussed. If there is a current thread, please kindly point me to it, and I will delete this to avoid cluttering this board.

I recently finished renovations on a property I bought with a partner. We set up an LLC for the property, and now are listing it on AirBnB and VRBO. I filled out the W9 form as an LLC partnership about a week ago, and the status is still pending validation. This leads me to ask 3 questions:

  1. Can I set up my payout to our LLC’s checking account without the tax information being validated? Everytime I try right now, it will only let me proceed if I enter an individual’s name.

  2. Has anyone else experienced a long waiting period for their tax information to be validated? I called AirBnB twice and the first time they said it would take up to 14 days, the second time they said they have no control over the process and I should call the IRS.

  3. For the people that experienced a long waiting period, what was the end result?

2

I also have a LLC and the payments are deposited into my LLC bank account. I did put my name on the Airbnb payment section since I’m one of the LLC’s members. The name really doesn’t matter. What matters is the routing and account numbers.

As for the validation process, it took several weeks due to my error. I had clicked on the incorrect box. Once I was notified of my error and it was corrected, the validation process was completed within days.

If it has taken too long, go back and double check the information to ensure there are no errors.

3 Likes
3

Re: data entry error

I thought that could have been the case, however when I went to check, there was no option to review submitted tax info. I figured that was because it was still being validated.

At this point because I have 5 bookings in the queue, I will just use one of our names. I was trying to avoid that because this is the first STR project I am doing with a partner, and just wanted things visibily clean.

Thank you for your response.

1 Like