1099 MISC statements for IRS

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Original Message:

Re: Re: 1099 MISC statements for IRS (by Perry K.):

What ever--- ?? on the 1099 this year . I don't know. The $600 rule may have nothing to do with income for Rental Property anyway. -- but remember you get to deduct all your expenses of the Time share for the year from your income from the rent. - (I.e. Primarily your annual maintenance fee) on Schedule E

So you probably will have none to very little NET INCOME anyway to pay tax on. . But go ask a Pro. because if you rent it for less than 14 days or such you may not owe tax on it anyway.. The IRS rules are written for renting your residence but they also have been interpreted to apply to Time Share rentals also. But even some tax Pros will not know of the rule or misinterpret anyway. so if necessary get several opinions.

PppK Arvada CO

Can't tell the actual date you wrote this question. Your a cash basis tax payer, so the income should be ( only is ) reported in the year your actually receive it.

Plus I think that the mailing out of 1099's from Red Eye rentals may not have even been required or postponed. ( I have never received a 1099 from Red week and I have been renting through red week for the last several years. ( $6000 rentals, 2021. 2022.2023 ..) Last year they said they were gong to have to start sending them , then they said that requirement has ben delayed. So I'm not expecting one in 2024 for my 2024 rental income .. but maybe next year. You should call Red week customer service and ask. I'm guessing that they will tell you that they are not even sending out 1099's for 2024. ... but who knows for 2025.)

patriciaa821 wrote:
Hello, I did receive my 1099. However, in The Washington Post of Feb. 11, 2023, there was an article about IRS decisions on taxing payments over $600 made through 3rd party apps. This was included in the American Rescue Plan act of 2021 but the IRS has delayed guidance on that question ad it will not apply until the 2023 tax year (in 2024). Is it necessary then for me to claim my income from RedWeek for 2022 (assuming that the 1099 was also sent to the IRS). Since I live in Virginia that 3rd party income (mine was $1925) would be included in my gross income but it sounds like it will not need to be counted this year, only beginning in 2024 for 2023 taxes. Any information you have would be appreciated.