Yes, so long as:
If so, then Outdoorsy will prepare a 1099-K tax form for your personal or business income taxes. Your form will be ready by Jan. 31 for the prior tax year.
We’ll also notify the Internal Revenue Service (IRS) of your reportable payments.
As always, we encourage you to consult a tax professional for assistance reporting your income.
You can add, update, or check your tax information in the Account area of your Dashboard, on the Payout preferences or Tax docs tab.
You can choose to receive a printed tax form by mail or a digital copy through your online account.
If you don’t submit your tax info, we’ll continue to withhold at least 24% of your payouts as income tax. We remit this to the IRS for you. However, this isn’t ideal.
You may not get credit for the tax payments since they go to the IRS without your tax information. That could result in long phone calls with the IRS or even having to pay the taxes a second time.
A look ahead
Reporting requirements may change for the 2023 tax year. It’s possible that any host with at least $600 in reportable payments will get a 1099-K going forward. We’ll keep an eye out for any developments.