2023 Rental

will you be sending out a 1099 tax form for 2023 rental?

The IRS officially extended the deadline for the change in thresholds for 1099 filings again. For 2023, the IRS will only require a 1099-K to be filed if you have over 200 transactions and $20,000 in gross revenue. A few states have lower thresholds - it appears this will only affect residents of Virginia, Arkansas, Massachusetts, Missouri, New Jersey, and Wisconsin. Some states are still finalizing their requirements.

If you have any other questions regarding 1099K status, please feel free to reach out to us at support@redweek.com!

So the question was not totally answered or I am asking for clarification. If you live in one of the states listed,Virginia, Arkansas, Massachusetts, Missouri, New Jersey, and Wisconsin. will you receive a 1099 for amounts received under the federal threshold but might be over the state threshold.

If you reside in one of the listed states and you exceed the state's reporting threshold, then yes - a 1099 will be received.

I have not received our 1099-K for our 2023 timeshare rental income made through Redweek.

We did not reach the 200 transactions or $20,000 (can't imagine we ever will.)

Can one be emailed to me? If we do not qualify for a 1099-K, is there any annual accounting or report showing our income paid by Redweek? I need to have my taxes done this coming week.

Your help is greatly appreciated.

We live in Montana and did not receive a 1099 for the 2023 rental. We have not reached the 200 times or $20,000 limit so do we need to report the income to the IRS

For clarification…we rented out our Maui timeshare. 5 rental transactions and total gross rental income received was less then 17,000 in 2023. Do we receive a 1099 and need to claim the rental income?

donna1151 wrote:

…we rented out our Maui timeshare. 5 rental transactions and total gross rental income received was less then 17,000 in 2023. Do we receive a 1099 and need to claim the rental income?

With or without a 1099, I believe that you are supposed to report rental income. Taxable amount of that rental income will be somewhat "offset" by the maintenace fees and real estate taxes paid for each owned week rented out, but afaik the income is still supposed to be reported.

How do I establish a LLC for my house rental in FL? Doug