Form 1099-K is an information report required by the Internal Revenue Service (IRS) and was sent you because our records reflect that you processed over $20,000.00 in gross income and more than 200 transactions through your RentPayment account in the last calendar year.
Please note that if you report your taxes in Vermont or Massachusetts, this 1099-K has been issued because you have processed $600.00 or more in the last tax year.
The Form 1099-K should be used when you report your rental income on your Income Tax return. We advise keeping detailed records of refunds, credits, discounts and non-taxable amount’s as you will need to reconcile your net deposit to the gross amount shown on the 1099-K.