Handling Rental Income on Tax Return
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Original Message:
Re: Handling Rental Income on Tax Return (by RedWeek Support):
Glenn: As RedWeek Real Estate LLC is not a property manager, there is no 1099-MISC reporting requirements. However, if your rentals generate over $20,000 and have more than 200 individual rentals, our payment processor would generate a 1099-K.
RedWeek also does not collect or remit taxes on behalf of the owner, and we recommend you contact a tax professional to determine if rental proceeds collected as a timeshare owner are taxable.