I’m pretty confused how to report my income from peerspace on my taxes. Peerspace doesn’t sent a 1099 now. Instead they send basically an excel document with your payouts. Would I still file this on my taxes as a 1099? Or do I file as a rental property even though I’m actually renting myself?
Anyone? 1099-misc or 1099-K? Sch E?
HI I also just sent Peerspace a question about 1099-K. If they don’t send 1099’s then you can list it as rental income even if you rent your location. It is considered “subrent” but still rent income. If your income from Peerspace is less than $600 annually then they don’t have to issue you a 1099-K and you can choose to report it or not.
We do still need to know if those who earned over $600 need to report it separately in 1099 reportings or as general rental income.
Let me know if you got an answer back. thx
We hope you’re well. We answered this question in a different thread last year, but wanted to follow up regarding the 2020 tax season.
Beginning last year, Peerspace discontinued the practice of sending a 1099-Misc to all hosts (who met the $600 minimum annual earnings IRS threshold) and instead now send a 1099-K form (for only those hosts that qualify). What this means is that if you earned more than $20,000 AND had more than 200 separate payout transactions in 2020, you’ll receive a 1099-K from Peerspace. If you meet this qualification, you will receive the 1099-K via mail to the address on file.
If you do not meet the criteria above for receiving a 1099-K, no 1099 will be sent to you. That being said, you are responsible for reporting your earnings to the IRS and can easily download your 2020 earnings report from your account following the steps below:
- Navigate to the Payouts section of your Peerspace account (located in the dropdown menu next to your profile photo).
- Click the “Download CSV” button located in the upper right corner.
- Select dates From Jan. 1, 2020 To Dec. 31, 2020
- Click “Download” and the CSV will be in your downloads folder.
Tip: On your downloaded CSV, highlight the entire “Payout Total” column and the “Sum” located at the bottom will be the total earnings amount.
What’s included in the payout total column?
All earnings paid from Peerspace for space rentals, overtime, add-ons, and any ancillary/extra charges.
Are these payouts and the sum total inclusive of the 15% service fee?
The numbers you see in the payout report are after the Peerspace service fee has been deducted. This is the net amount you earned for the year.
Do I have to report my earnings to the IRS?
If you received any payouts from Peerspace in 2020, you are required to report that income to the IRS. We strongly encourage you to connect with a tax professional with any questions regarding reporting Peerspace rental income.
What if I incorrectly registered my account as an individual instead of business entity, or vice versa?
If you believe you have incorrectly registered your account, please contact our Customer Experience team directly at firstname.lastname@example.org.
What if I’m having difficulty downloading the report?
For any technical issues you may be experiencing, please contact our Customer Experience team directly at email@example.com.
If my business is a nonprofit do I need to report the income?
There may be some exceptions for nonprofits and certain types of businesses, but we strongly suggest contacting your accountant/tax professional to make sure you comply with tax regulations.
For any other questions or concerns, email us directly at firstname.lastname@example.org.