Pilot: Managing the 1099 tax form for owners

Important:

This feature is available for Accounting users only.

Generate and distribute the 1099-MISC tax form directly from Guesty to automate rental income and related earnings reporting to US-based property owners. Configure and share the 1099 form according to your requirements following the steps below.

IRS guidelines

You are required to submit a 1099 form for:

  • Owners receiving $600 or more in rental income or other applicable earnings during the fiscal year.
  • Non-corporate owners such as individuals, partnerships, and LLCs.

Exemptions

C-corporations and S-corporations are generally exempt unless payments are for legal or medical services.

Configure your 1099 tax form

Step by step

  1. Sign in to your Guesty account.
  2. In the top navigation bar, click the mode selector and select Accounting mode.
  3. Click Owner accounting and select Owner 1099 forms.
  4. Review the compliance responsibilities disclaimer and click Agree and continue.
  5. Click Prepare 1099 forms and configure your form details.
    1. Specify the start and end dates:

      Choose the appropriate fiscal year for which you’re reporting income. A standard calendar year runs from January 1st to December 31st, but you can select custom dates to suit your needs.

    2. Review your company details. Ensure all details match the information registered with the IRS.
    3. Who will file with the IRS?: Select yourself or a third-party.
    4. Enter your company's TIN.
    5. Enter your IRS Transmitter Control Code (TCC).
      1. If you don't have a TCC, skip this field and fill in later. We recommend that you apply for the TCC code at least 45 days before you want to file.
    6. If you selected "third party", enter their details.
    7. Is the company a foreign entity?: Select Yes or No.
    8. Enter your IRS contact person details.
  6. Combine federal and state filing?: Select Yes or No, depending on your state's process.
  7. Select owner revenue calculation from one of the following:
    1. Net rental income only: Based on the net rental income (NRI) defined in your business model. This is the default and recommended option.
    2. Total Income: Total income paid out to the owner, after expenses are deducted from revenue.
  8. Click Calculate owner revenue.

To edit the form details, or to add in missing information such as the TCC, click Edit configuration at the top-right, edit as needed, then click Calculate owner revenue.

Edit owner details

Once you've completed the above steps, information for all relevant owners will appear in the dashboard. 

If the owner's address is missing, click Add address to open the owner's profile and fill in the missing information.

Edit an owner's revenue

Customize a particular owner's form by adding 1099 form boxes and distributing revenue among them. Note that the 1099 revenue may not match the revenue in the owner ledger.

  1. Click the horizontal ellipsis to the right of the relevant owner and select Edit revenue.
  2. Customize as needed:
    • Edit the amount auto-populated in Box 1 (Rent).
    • Click + Add an extra 1099 box to add additional income boxes and amounts to this owner's 1099.
    • Click Trash icon to delete a box.
  3. Click Save.

Important:

If you make changes after you've already shared the 1099 form with the owner, you must share it again. In the Owner Portal, the previous version will be replaced by the updated one.

Filter 1099 forms

Filter 1099 forms for quick access by owner's name, business type, or owner revenue amount. You can filter by business type to exclude corporations, or by owner revenue to include only over the required filing amount of $600.

To remove a filter, clear the relevant input fields, uncheck the relevant box, or click Clear all.

Share 1099 forms with owners

Once configured and owner details completed, you can share the 1099 form with owners individually or in bulk. 

Export 1099 form for one owner

Step by step:

  1. To the right of the relevant owner, click the horizontal ellipsis then select Export 1099 form.
  2. Enter the owner’s TIN.
  3. Select one or both export methods:
    • Export as PDF: Two versions of the 1099 are downloaded on your computer: "Copy B" for the owner's records, and "Copy 2" for the owner to submit with their state tax return.
      • If only this option is selected, you will still need to send the form to the owner.
    • Share 1099 on the Owners Portal: An email notification is sent to the owner that their 1099 tax forms are available in the Owners Portal. They will need to sign in to the Owners Portal, and then enter their password again to download the form.
  4. Click Export.

Tip:

We recommend selecting both export options. The owner will be notified automatically to access the form in the portal, while you can keep the PDF for your records and to send directly to the owner if needed.

Export 1099 forms in bulk

Step by step:

  1. At the top-right, click Bulk export to send to all owners. To send to specific owners, click the checkbox for the relevant owners, then click Bulk export in the pop-up that appears at the bottom.
  2. Enter each owner’s TIN.
  3. Select one or more export methods:
    • File for e-filing: A file is downloaded to your computer in a fixed-length text file formatted for the IRS FIRE system.
      • If only this option is selected, you will still need to send the form to the owner.
    • Export as PDF: Two versions of the 1099 are downloaded on your computer: "Copy B" for the owner's records, and "Copy 2" for the owner to submit with their state tax return.
      • If only this option is selected, you will still need to send the form to the owner.
    • Share 1099 on the Owners Portal: An email notification is sent to the owner that their 1099 tax forms are available in the Owners Portal. They will need to sign in to the Owners Portal, and then enter their password again to download the form.
  4. Click Export.
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