Earnings only reported to IRS (taxes) for certain hosts?
Hi everyone-
I just read the info sent out from AIRBNB regarding taxes. It says AIRBNB only reports earnings of hosts who earn over $22,000 and have over 200 bookings.
Is this true?
If I am understanding this correctly hosts who do not meet both of those criteria do not have their earnings reported.
You have to report your earnings to the IRS and state agencies whether AirBnb gives you a tax form or not. The tax form they give you is not your taxable income. Only you know your deductions (expenses). Hope that helps!
Its 20k and 200 transactions. If your under this airbnb will not report your earnings to the IRS. By law you are still required to report the income to the IRS.
I think they report the payouts of everyone to the IRS, but those cut-off amounts ($20,000 and 200) concern the issuance of a 1099 to a host. If a host made $19,000 or less with 199 transactions or less, it still gets filed with the IRS and the State, you just don't get a 1099.