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Will I receive a 1099-K form for rent payments?
Requirements to receive a 1099-K form
RentSpree partners with Stripe, Inc. to process rent payment transactions for customers. The United States IRS requires Stripe to provide a form called a 1099-K for each account that meets all of the following criteria in the previous calendar year:
Account is based in the United States (owners do not need to be US citizens) or the non-US account is for a US taxpayer AND
- The IRS now requires all payment processors in the United States to provide information to them for customers who meet specific criteria. Effective as of January 1st, 2023, everyone who received a payment for goods and services over $600 through a third-party payment network, such as RentSpree, will have their income reported on a 1099-K form.
On December 23rd, the IRS announced that the 1099-K filing threshold will remain at $20,000 USD and 200 transactions for tax year 2022.
Please note, some states may have a lower threshold for reporting. Click here to find additional information on 1099-K requirements from our partner, Stripe.
What if I do not receive a 1099-K form?
If you are not eligible to receive a 1099-k form, you may see a record of your transactions by logging into your account on RentSpree. For specific questions about your tax filings, we recommend you consult with a tax professional.