Requirements to receive a 1099-K form for property representatives collecting rent through RentSpree
RentSpree partners with Stripe to process rent payment transactions for customers.
If your gross amount of total reportable payments exceeds $20,000 and the total number of such transactions exceeds 200 in a calendar year —and you’re based in the US or are a US taxpayer—you should expect to receive a 1099-K, either through paperless delivery or paper mailing.
On November 21st, 2023, the IRS announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for the calendar year of 2023. Moreover, the 1099-K filing threshold will remain at $20,000 USD and 200 transactions for tax year 2023.
Please note that some states may have a lower threshold for reporting. Click here for additional information on 1099-K requirements from our partner, Stripe.
What is the 1099-K Form?
The 1099-K is a tax information form generally used to report gross payment transactions from the sales of goods and services. Recipients of a 1099-K are mostly businesses which have received payment using a Third Party Settlement Organization (TPSO) or third-party payment network, such as RentSpree. Please note that some states may have a lower threshold for reporting.
How do I get a Stripe Express Account to access my 1099-K form?
Stripe Express allows you to update your tax information, manage tax forms, and track your earnings. If you received $20,000 or more in rent on the RentSpree platform and had 200 or more transactions on the RentSpree platform (each within calendar 2023), Stripe will send an email inviting you to create an account and log in to Stripe Express.
Which email address does Stripe use to send Stripe Express invitations?
Stripe uses the email information associated with your RentSpree account to send you an invitation to sign up for Stripe Express.
I earned enough to receive a 1099 in 2023. Why haven’t I received an email from Stripe?
If you can’t find an email from Stripe, it’s possible that:
- It may be in your spam/junk mail folder. Please search your inbox for an email titled: “Get your RentSpree 2023 tax forms faster by enabling e-delivery”.
- RentSpree does not have your most current email address on file. Please check any other email addresses you may have used to sign up for RentSpree, or reach out to RentSpree at support@rentspree.com to update your email and have an email invite sent to you.
- The email address associated with your RentSpree account is incorrect, missing, or unable to receive mail.
You may not have received an invitation for other reasons, such as:
- You earned less or had fewer transactions than the threshold for your form type.
- Your specific account is unsupported on Stripe Express (in uncommon situations where multiple users are sharing the same account or the same email address is being used on more than 20 accounts).
How do I log into my Stripe Express account after signing up?
You can log in to your Stripe account by visiting connect.stripe.com/express_login, where you’ll be prompted for your email address and 6-digit phone verification code to log in. If you don’t remember the email address that you signed up with, check your inbox for past emails that we sent about confirming your tax information for paperless delivery.
Otherwise, Stripe will need to confirm the email address that is associated with your Stripe account. If you’ve lost or updated your phone number, you can select the “I no longer have access to this phone number” option to authenticate via email and change your phone number.
Will RentSpree file a state tax 1099, given that we won't be filing 1099s with the IRS?
With almost all states, 1099s are sent to the various states from the IRS, as there is a program in place to share 1099s. Typically, when the IRS does not have a filing requirement, the state does not either. If RentSpree does not file a 1099 with the IRS for you, we will not file the state 1099 for you either.
How do I update my tax information?
Open the email from Stripe and click on the “Get started” button, which will prompt you to create a Stripe Express account. After you create an account, you’ll be able to review your tax information (e.g., name, address, and SSN or EIN) and make any necessary changes via Stripe Express. Please update your information no later than mid-January 2024.
You may find that your 1099 tax form reports your SSN and you want to use your TIN (or vice-versa). If that’s the case, you’ll want to reach out to RentSpree at support@rentspree.com to update your legal entity information.
Please note: If you’re operating as an individual, Sole Proprietorship, or Single Member LLC, the IRS will expect to see the individual owner’s Name and SSN (as opposed to Business Name and EIN) reported on your 1099 tax form.
When answering the account claim security questions, it states that my answers are incorrect, what should I do?
Please reach out to support@rentspree.com to confirm the information that we have on file against the information you are providing.
Why do I need to provide my SSN/TIN?
The IRS requires your Taxpayer Identification Number (TIN) on your 1099 tax form. If you are an individual, your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) is used as your TIN.
If you are a business, your Employer Identification Number (EIN) is used as your TIN. If you have earned enough to qualify for a 1099 tax form, the IRS requires your full details to be reported on your 1099 tax form filings.
The tax authorities that receive copies of your 1099 tax form will expect to see the income on your individual or business tax return. The EIN/SSN/ITIN is crucial in connecting this information, which is why the IRS requires it.
Is my tax information secure?
Stripe’s security tools and best practices ensure that your sensitive information is safely stored and encrypted. Learn more about the safeguards Stripe has put in place to protect your information. Please make sure to keep your login credentials for Stripe Express secure.
How can I download my 1099 tax form?
If you create a Stripe Express account and agree to paperless delivery, Stripe will email you to let you know when your 1099 tax form is available for download via Stripe Express. If you don’t agree to paperless delivery, Stripe will mail you a paper copy of your 1099 tax form instead.
My information has changed since I signed up for RentSpree. How can I edit information?
Update your account information in the Stripe Express Account tab:
- Under Stripe Express Account, you can update the email address and phone number used to log in to Stripe Express. Please note that only one contact method can be updated at a time.
- Under Language Preference, you can choose your preferred language for Stripe Express.
- Under Payout and Professional Details, you can update personal and legal entity information and view your bank account or debit card information for payouts. To update your payout details, please reach out to RentSpree Support.
How do I get a corrected 1099 tax form?
If you feel you need corrections made to a 1099 tax form that has already been ‘Filed’, use the edit option on the Tax Forms page of Stripe Express. Information you edit will not appear in the 1099 tax form in the Stripe Express dashboard but it is shared with RentSpree.
You should reach out to RentSpree after you’ve made the edits you want and they can assist you with a correction. Once RentSpree ‘files’ your correction, you will be notified via email and you will see a new 1099 tax form appear in the Stripe Express dashboard.
Please note that it can take up to 72 hours after the RentSpree files the correction for you to be notified.
How do I get in touch with Stripe for more help?
If you have a question that isn’t answered here, we recommend looking through the 1099 tax forms or Stripe Express resource pages. If you still need help, please contact Stripe support.