It’s already Feb. 10 and I still have not received form 1099 from Airbnb or Vrbo. Should I wait a little longer? I have just finished hosting for one year and this will be the first time I file tax with the rental income. I plan to use TurboTax so hopefully it will be smooth. If you have previous experience using TurboTax for your rentals please share. Thanks.
Did you make over 20k on one of them? If not there’s no 1099. But you van get the total income off the Airbnb site under the performance tab.
I have never received a 1099 from either AirBnb or VRBO. I grossed well above 20K with air in 2020 . I do not recall ever filling out any tax forms for them either. My accountant puts the income on my schedule C
It’s the 200+ reservations (in the year) that limits who gets a 1099
Ah forgot it was 20k and 200.
That’s nuts… Stays have nothing to do with it its about the money. I have to give 1099’s for anything over $600
I agree with Riverrock. Anything over $600 should trigger having to issue a 1099.
Luckily you can get your totals off airbnb to give to your accountant.
I don’t know what the IRS rules are but Airbnb has never issued me a 1099 and I’ve been hosting 7 years. I never have more than 20k and more than 200 bookings a year.
1099-K for third party payment processing is different than 1099-MISC for contractor payments which have the $600 trigger.
Also, you could get a 1099-K from Airbnb and VRBO if you are below the federal tax reporting threshold but meet the lower limits in the US states of Arkansas, D.C., Florida, Illinois, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, Pennsylvania, Vermont, Virginia. $600 threshold in VA, not sure about the others.
Theoretically only the state tax authority gets a copy for their threshold below $20,000 + 200, but I wouldn’t count on that. That is only of concern if you are trying to avoid reporting (= tax evasion).
Thanks for the responses. I made over 20K but not more than 200 reservations. I’m going to do the tax my own with TurboTax and see how it goes. I can’t imagine it’s that difficult with the software. No state tax since I’m in TX.
I got an email last week with the link to my 1099, although I only had one stay in 2020, in February.