The Form 1099-K reports initial gross amounts being charged to your guest’s payment cards. The amount reported is not adjusted for any later refunds, fees, or other adjustments. Said another way, the gross amount figures are calculated as the amounts charged at the date of sale/booking, and not calculated as the amounts actually deposited at the date of deposit.
Articles in this section
- Form 1099-K: An overview
- What is a Form 1099-K?
- What is the purpose 1099-K reporting?
- When will I receive my Form 1099-K?
- How is the “gross amount” defined on the 1099-K?
- What are the Form 1099-K thresholds?
- What is a Federal “TIN” or Tax Identification Number?
- I don’t want a 1099-K, I already report my income to the IRS – why do you need to report as well?
- You’ve issued my 1099-K to my LLC, but my LLC was not set up until June 30 of last year. I need the volume split between my SSN and my LLC’s EIN
- You’ve issued the 1099-K form to me as an individual, but I have separate LLCs set up for my listings/properties