Should I expect to receive a tax form 1099?

Depending on your account status, forms submitted to Boatsetter, and other factors, you may receive a tax form from Boatsetter.

If you have had a booking as an owner on Boatsetter, we can securely complete a W9 on through your dashboard on the Tax Forms page (Dashboard > Account > Tax Forms).

IRS regulation, regarding federal tax reporting requirements, stipulates that Boatsetter must collect IRS Form W-9 from all owners in the United States per calendar year.  

As always, we encourage you to consult a tax professional for assistance reporting your income. Boatsetter 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 checks 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, Boatsetter 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 Boatsetter accounts.

Export Data Tool

You’ll find a summary and a full download of your earnings in your Payout History section of your dashboard. At the bottom of the summary, you’ll find a button to download the full summary. This file will be in .CSV format and details all payouts and booking details for each of your completed bookings. The Export Tool was designed to allow owners to download all account and tax related information.  There are two main folders, Booking History and Tax Information.

All inquiries and concluded bookings can be found in the Booking History Folder.  Prior charter payments, dates, and contact information for previous renters have been included along with spreadsheets to provide a snapshot of all activity.  

Tax Advice

Keep in mind that Boatsetter 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.