Post by High Priestess on Jan 16, 2016 4:03:51 GMT
I got an email from Airbnb today, which goes as follows:
Apparently, Airbnb has reclassified itself, or was reclassified by the IRS, as a Third Party payer, so it no longer will be providing 1099 forms for most hosts. See this IRS page:
www.irs.gov/Businesses/New-1099-K-Reporting-Requirements-for-Payment-Settlement-Entities
Hosts will only get a 1099-K if they both earn more than $20,000 from Airbnb, AND have 200 or more reservations in one year.
THis somewhat simplifies the filing of tax returns, since the lack of a 1099 now means that hosts don't have to worry about ensuring that the deduction of refunds and the 3% commmission (which Airbnb previously did not deduct from what they reported to the IRS as our gross income) matches what Airbnb has calculated.
Apparently, Airbnb has reclassified itself, or was reclassified by the IRS, as a Third Party payer, so it no longer will be providing 1099 forms for most hosts. See this IRS page:
www.irs.gov/Businesses/New-1099-K-Reporting-Requirements-for-Payment-Settlement-Entities
Hosts will only get a 1099-K if they both earn more than $20,000 from Airbnb, AND have 200 or more reservations in one year.
THis somewhat simplifies the filing of tax returns, since the lack of a 1099 now means that hosts don't have to worry about ensuring that the deduction of refunds and the 3% commmission (which Airbnb previously did not deduct from what they reported to the IRS as our gross income) matches what Airbnb has calculated.