WARNING: The response given by a few other users (and even marked "Correct" by some) is NOT entirely correct. Thanks -this community is sooooo helpful!!! Second question related: I made a separate email just for my airbnb and it's different from the one with my PayPal account-will this create confusion? Or is there a way to have Airbnb $ sent to a different email than the one related to my PayPal account? The main one is if the money is deposited into PayPal and then I am going to have to move it to my bank in order to use it, what's the point of not putting it directly into my bank account in the first place? Is there a reason I am missing that putting the money into PayPal before sending it to my bank account makes sense? I saw that PayPal is a quicker transfer but then adding the time to transfer to bank afterwards seems to negate that timing. I have read a lot of these posts and had decided to go with PayPal because it seems no fee is charged and I have always been happy with transactions with PayPal over the years. I am new to hosting-just began this past Wednesday and it was rented the first night!-exciting.okay back to business. So threshold remains that only those receiving 200 transactions or more that equal $20,000 or more per year will have their income reported and receive a 1099K. government decided to postpone the much stricter threshold at the last minute during the final week of 2022. The point is moot however (for now anyway) because the U.S. When you deposit that paycheck into your bank it isn't again taxed as income by your bank. This is the same as deductions made by your employer's paycheck for Social Security, etc. The money AirBnB charges on your behalf to guests and the subsequent payments they make is income. This is not an issue because payouts deposited to your PayPal account is not income. Very surprised this issue hasn't been addressed, but if any of you have a link please let us know! TripAdvisor once told us we did not have to provide Tax ID info since paid out to PayPal who reports it to prevent double reporting, but AirBnB has said no such thing and we can't find the answer anywhere (and we asked reps at both AirBnB and PayPal to and none knew). So now the majority of hosts will be receiving those forms at the end of this year. UPDATE on this question is, what do we do to prevent double reporting on the same income paid by AirBnB to our PayPal account, as both companies will issue a 1099-K form to us and the IRS, and in 2022 the threshold drops way down from only if over $20,000 in income and 200 transactions to anyone making more than $600 - regardless of transactions.
0 kommentar(er)
