Is Airbnb double taxing co-host payouts?

[Ryan2260]

In the event of a payment being split with a co-host, Airbnb sends both a 1099-K to the primary host for the full amount of the booking, AND additionally sends a 1099-K to the co-host for their cut.

So in a scenario where a payout is split 80/20, Airbnb sends the primary host a 1099-k for 100%, and the co-host for 20%, totalling 120% of the payout.

So in the scenario below (from Airbnb's own FAQ) they are sending out $714.40 worth of payouts in their 1099, but only actually paying out $600.

Is this not double taxation on the $114.40?  Airbnb is reporting to the IRS that both the primary host and the co-host received those funds.  The best the primary host can do is add it as an expense on their taxes, but now their are two people claiming that as an expense against the co-host (Airbnb saying they paid $114.40 to them, and the primary host saying the same) even though they only received it once.  So any way you swing it, the numbers won't add up to the IRS with the way Airbnb is reporting on their 1099K's, right?