Beginning in 2020 Peerspace discontinued the practice of sending a 1099-Misc to all hosts (who met the $600 minimum annual earnings IRS threshold) and instead now send a 1099-K form (for only those hosts that qualify). What this means is that if you earned more than $20,000 AND had more than 200 separate payout transactions in 2023, you’ll receive a 1099-K from Peerspace. If you meet this qualification, you will receive the 1099-K via mail to the address on file by the end of January.
If you do not meet the criteria above for receiving a 1099-K, no 1099 will be sent to you. That being said, you are responsible for reporting your earnings to the IRS and can easily download your 2023 earnings report from your account following the steps below:
Navigate to the Payouts section of your Peerspace account (located in the dropdown menu next to your profile photo).
Click the “Download CSV” button located in the upper right corner.
Select dates From Jan. 1, 2023 To Dec. 31, 2023
Click “Download” and the CSV will be in your downloads folder.
Tip: On your downloaded CSV, highlight the entire “Payout Total” column and the “Sum” located at the bottom will be the total earnings amount.
Common Questions:
What’s included in the payout total column?
All earnings paid from Peerspace for space rentals, overtime, add-ons, and any ancillary/extra charges.
Are these payouts and the sum total inclusive of the service fee?
The numbers you see in the payout report are after the Peerspace service fee has been deducted. This is the net amount you earned for the year.
Do I have to report my earnings to the IRS?
If you received any payouts from Peerspace in 2023, you are required to report that income to the IRS. We strongly encourage you to connect with a tax professional with any questions regarding reporting Peerspace rental income.
What if I incorrectly registered my account as an individual instead of a business entity, or vice versa?
If you believe you have incorrectly registered your account, please contact our Customer Experience team directly by clicking here.
What if I’m having difficulty downloading the report?
For any technical issues you may be experiencing, please contact our Customer Experience team directly by clicking here.
If my business is a nonprofit do I need to report the income?
There may be some exceptions for nonprofits and certain types of businesses, but we strongly suggest contacting your accountant/tax professional to make sure you comply with tax regulations.