1099 MISC statements for IRS

Will I get a 1099 MISC form from you for my rental?

1099-MISC's were sent out to owners who successfully rented their week on January 31st, and should be received within 7-10 business days. If you don't receive it within that time period, please feel free to reach out to support@redweek.com and we'll take a look at things for you!

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.

With all due respect, isn’t this really a question for your tax preparer (not RedWeek) to answer for you?

Thanks

My understanding is that you do not send 1099's to residents of California?

Hi Pete, 1099-K's for successful 2023 rentals will be sent if you meet the federal threshold of $20,000 and 200 transactions OR you reside in one of the following states, with a threshold that meets the amount shown: Virginia ($600), Arkansas ($2,500), Massachusetts ($600), Missouri ($1,200), New Jersey ($1,000) or Wisconsin ($600).

If you reside in one of these states and have met the threshold, a 1099K has been mailed. As a resident of California, you would not have received a 1099-K.

If you reside outside of one of these states, you can obtain the dollar amount of income you received for tax purposes from your RedWeek.com account, My Postings, View Check, and any orders you placed from your My Orders tab.

I sold my timeshare through redweek in 2023. How do I report this for 2023 taxes?

I believe there was more conversation on this topic of taxes. Is there anything else you can provide? I remeber reading something about the exact tax code if this was the first time it was rented and not used by self or family. Appreciate your help.

I have not received my 1099 misc. Please send ASAP. Thanks in advance.

Where do I know if a copy of the 1099 was sent to me? I didn't receive one in the mail.

Any 1099K's received will have arrived via paper mail. If you have not received a 1099K from us and you have verified that you met the criteria to receive one, please send us an email at support@redweek.com.

Will I receive a 1099 from you for a rental in 2023?

Please could you tell me the Redweek TIN as I need to complete it on my tax form -thanks!

Is a 1099 generated from Redweek if you do not live in one of the states listed?

You should if your rental income in total for the year from Redweek exceeds $5000. This is directly from the IRS website. Lookup 1099K..

"The IRS will not assert penalties under section 6721 or section 6722 for a TPSO for failing to file or failing to furnish Forms 1099-K with respect to a payee unless the gross amount of aggregate payments to be reported exceeds $5,000, regardless of the number of such transactions.'

Can we download a copy of 1099 MISC from Redweek?

Is redweek going to send me a 1009-K if my gross payments were over $5000

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.

If I rented my timeshare in 2024 (I live in CT) shouldn’t I have received a 1099 form to report the amount to IRS?