Depending on your account status, forms submitted to Boatbound, and other factors, you may receive a tax form from Boatbound.
As always, we encourage you to consult a tax professional for assistance reporting your income. Boatbound expects to issue tax forms to the following category:
1099 K Requirements
The Internal Revenue Service (IRS) requires that all US companies operating as a third party settlement organization (TPSO) have to report any information concerning third network transactions of any participating payee only if, for the calendar year:
- The gross amount of total reportable payment transactions exceeds $20,000, AND
- The total number of such transactions exceeds 200.
If a business makes payments via a third party settlement organization as well as cash or check to the same independent contractor, the TPSO will be required to report the amount of reportable transactions that exceed the de minimis thresholds on Form 1099-K. If you cross both IRS thresholds in a calendar year, Boatbound will provide you with a Form 1099-K.
Delivery of Form 1099-K
Any Form 1099-K issued to you will be mailed to the address you provided along with your taxpayer information. You may receive more than one Form 1099-K if your taxpayer information is listed on multiple Boatbound accounts.
Keep in mind that Boatbound cannot and does not offer tax-related advice to any members on the site. Additionally, please note that each owner is responsible for determining local indirect taxes and for including any applicable taxes to be collected or obligations relating to applicable taxes in listings. You can read more on taxes by clicking on the link to the IRS page that better explains the Sharing Economy Tax.