I heard on the news this morning that the tax reporting threshold was changed from $20,000 to $600 in the recently passed Covid relief bill for the so-called gig economy including Airbnb. Does anyone know for sure if this is true. If true, why has Airbnb not informed us nor publicly fought it?
@Tracy652 AirBnB is not going to fight this ruling. Neither is any other company that employs gig workers and follows the reporting rules. These companies do not care about when or if you have to report income. They don't even care if you never report it. They will not be penalized by the IRS if you don't report the income they send you for renting your home.
@Tracy652 It is true.
It will not start until the 2022 tax year so I imagine Airbnb has plenty of time to make an announcement. But it is really not their concern at all. Aside from getting hosts the 1099 form in a timely matter why would Airbnb care how hosts are filing personal income taxes?