Do I need a 1099-K if my rental property is managed by a non-taxable business?
We understand that a non-profit or other non-taxable business entity would not be taxed the same way a typical business would be. However, the American Rescue Plan Act of 2021 dictates any third-party settlement organization submit a 1099-K report for any transactions exceeding $600. This report provides you with the earnings, but you can file or claim the income the way that is most accurate for your situation. We recommend reaching out to an accountant or tax specialist if you are not certain how to utilize a 1099-K report in your tax filings.
Can I still input my non-profit as a tax entity?
Yes, you will still be able to input your non-profit as a tax entity on Apartments.com because you still have an Employer Identification Number (EIN) assigned by the IRS.