Will Apartments.com report the payments I receive to the IRS? Do I get a 1099-K?

A 1099-K Form specifically relates to payments processed through an online third-party payment facilitator (like Apartments.com). These forms are required to be issued to any entity who qualifies, regardless of if they're an LLC, a corporation, or any other type of entity.

Essentially, the 1099-K Form is an informational (also known as supplemental) return. You should use this in conjunction with your other tax records to determine your correct tax obligation.

When does Apartments.com report to the IRS?

2021 Regulations

Individuals or business taxable entities that collect:

• Over 200 payments and 
• Over $20,000 in a calendar year are required by the IRS to receive a 1099-K form for tax purposes

If you meet both criteria in a given year, we'll send you a 1099-K by January 31st of the next calendar year. If you only meet one criteria, we won't file a 1099-K for you.

2022 Regulations

Individuals or business taxable entities that collect:

• Over $600 in a calendar year are required by the IRS to receive a 1099-K form for tax purposes

If this update to tax reporting regulations applies to you as an Apartments.com user set up to receive payments, we highly recommend updating your tax information in your account before the end of 2021 in order to continue receiving payments with Apartments.com in 2022.

State Regulations

Some states have different reporting thresholds than the federal government. The primary address associated with your Account Owner information will determine your eligibility for these state thresholds. If your property income is over the listed reporting threshold, Apartments.com is required to file a Form 1099-K with the IRS. For more information on these different thresholds, refer to the table below: 

What information is required?

We'll ask that you specify the taxable entities that are associated with the bank accounts on your Apartments.com account. A taxable entity is the legal owner of the receiving bank account.

For individuals:

We'll ask that you enter your full name, date of birth, current address, and a Tax ID Number Type such as a Social Security Number.

For companies:

We'll ask that you enter the business's name, address, and an Employer Identification Number.

What payments does the 1099-K include?

The 1099-K form isn't necessarily an income report, rather something we have to issue as the third party processor for the payments. We are required to report all payments received through Apartments.com including rent payments, bills, and move-in costs.

How will I know if I'm meeting the criteria?

If your payment volume is on track to surpass the threshold set by the IRS, we'll notify you via email and ask that you add your tax information to your account.

What will happen if I don't provide tax information for my receiving account(s)?

Unfortunately, your payments will be suspended until we receive the requested basic taxable entity information for your bank account. Your payments will be re-enabled once the information is entered on your Apartments.com account!

For more detailed information on 1099-K Forms, check out this article from the IRS.