Will I get a 1099-K for rent payments?
You'll get a 1099-K only if the rent payments you received through RentSpree in a calendar year total more than $20,000 and more than 200 transactions. Both must be true. If you're under either number, no form is issued.
What a 1099-K is
A 1099-K is an IRS tax form that reports the gross rental income paid to you through a third-party payment network like RentSpree. It shows the total amount received, before fees or refunds. Learn more about the 1099-K from the IRS.
Who sends it and when
Our payment partner, Stripe, prepares and files your 1099-K on RentSpree's behalf. If you qualify, Stripe emails you an invitation to Stripe Express, where you confirm your tax details and download your form. Forms are delivered by January 31 for the previous tax year.
Why we ask for your SSN or EIN
The IRS requires a taxpayer identification number on every 1099-K. Individuals, sole proprietors, and single-member LLCs are reported under the owner's name and SSN or ITIN. Other businesses are reported under the business name and EIN. Stripe stores this information encrypted.
This article covers how RentSpree reports payments. For how a 1099-K affects your taxes, check with a tax professional.