1099-K Guide for Rent Payments

Learn about who qualifies to receive a 1099-K and what types of adjustments that can be made.

Kevin avatar
Written by Kevin
Updated over a week ago

What is a 1099-K?

Form 1099-K is an IRS information form used to report certain payment transactions to improve voluntary tax compliance. You should receive Form 1099-K by January 31, if in the prior calendar year, you meet the qualifications in your state and/or federally.

The 1099-K will be generated in either your name or your company (aka business) name, based on the selection you made when initially setting up rent payments for your account.

Updating 1099-K to a business entity or LLC

We are able to update your Stripe account to be a business account rather than an individual account. Doing so will prevent you from running into any 1099-K reporting issues with the wrong name next year. Please reach out to our support team and provide an SS4 or 174C from the IRS in order for us to update your Stripe account information, which may take a few business days to complete.

If you do update your Stripe account to be a business account, rather than an individual account, Stripe will not generate a new 1099-K form for the previous calendar year. To work around this, you can export your rent payments as a CSV for each business which will allow you to self-report your taxes for that particular calendar year. This can be done within the payments section of your account. This Help Center article will guide you through the process of exporting your rent payments: How Do I Export My Rent Payments?

You can now set up multiple entities in TurboTenant, and doing so can allow your funds to be split into multiple LLC accounts and receive a 1099k for that specific entity if the criteria are met. Learn more about what a business entity is to see if that is the right choice for you!

Does TurboTenant prepare 1099-Ks for Landlords?

At this time, TurboTenant does not prepare tax documents for landlords to utilize, this is done by our payment processor Stripe. We recommend you utilize the "Export CSV" option within the Payments tab to export any rent payments needed for reporting on your end.

Qualification Criteria for 1099-K Forms

Our payment processor Stripe will automatically provide 1099-K tax forms for landlords who meet all three of the following qualifications:

  1. The 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

  2. $20,000 USD in total gross volume or a state requirement

  3. At least 200 transactions

Please note that some states have their own requirements which overrule the standard IRS requirements. Meaning, if you live in one of these states and have met the specified threshold, you CAN expect a 1099-K form from Stripe! Below is a list of states along with their required thresholds:

  • Arkansas - $2500

  • District of Columbia - $600

  • Illinois - $1000

  • Maryland - $600

  • Massachusetts - $600

  • Mississippi - $600

  • New Jersey - $1000

  • Vermont $600

  • Virginia $600

Additional Assistance

If you're unsure if you qualify for a 1099-K form, reach out and we will be happy to check your status. It's also worth noting that if you qualify, you will have received an email from Stripe, requesting your consent for electronic delivery. If you have received this email, but have not responded to it, your 1099-K will be mailed to the address associated with your bank account.

For more details on Stripe’s qualification criteria, please refer to their Help Center article on this topic.

Still have questions? Reach out to our Support Team via chat or by email at [email protected].

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