Form 1099-K Reporting
Form 1099-K is an IRS information return that reports the gross amount of payment transactions processed for a property during the calendar year. PayYourRent (PYR) issues Form 1099-K through its payment processing partners in accordance with IRS and applicable state regulations.
When Manager Action Is Required
You should take action if:
You need to verify or update your property’s tax information before year-end
Your property did not receive a 1099-K after the annual mailing deadline
Your property received a B-Notice or backup withholding notice
You need a corrected or amended 1099-K
Your property changed ownership or legal entity structure during the tax year
When No Action Is Required
No action is required if:
Your property did not meet both IRS reporting thresholds
Your tax information on file is accurate and current
You have already received your 1099-K and no corrections are needed
Who Receives a Form 1099-K
A property will receive a Form 1099-K if both of the following IRS thresholds are met during the calendar year:
$20,000 or more in gross payment volume, and
200 or more transactions
Both thresholds must be met to trigger reporting.
How 1099-K Forms Are Issued
1099-K forms are issued by PayYourRent through its payment processing partners
Separate 1099-K forms may be generated for different payment types, such as:
Credit and debit card payments
ACH or other third-party network payments
Each form reports gross settled volume for that payment type
Forms are mailed to the property’s mailing address on file
When You Will Receive Your 1099-K
All 1099-K forms are postmarked by January 31 each year
Requests for missing, corrected, or amended forms may be submitted after that date
How to Update Tax Information
Property managers should verify the following information before December 1 each year:
Legal business name
EIN or SSN
Mailing address
Entity type
Updates typically require IRS-issued documentation, such as:
An IRS SS-4 confirmation letter, or
A completed and signed IRS Form W-9
If the update reflects an ownership or entity change, a new property account may be required.
If a Property Was Sold During the Tax Year
The former owner must notify PayYourRent to deactivate the existing property account
The new owner must establish a new property account using their own tax information
This ensures Form 1099-K is issued to the correct taxpayer.
Important Notes
Form 1099-K reports gross payment volume, not net proceeds
Refunds, chargebacks, fees, and adjustments do not reduce the reported amount
Monthly processing reports may not match 1099-K totals due to settlement-date reporting
All reporting is based on payment settlement, not invoice or posting dates
TIN Mismatches, B-Notices & Backup Withholding
A TIN mismatch occurs when the property’s legal name or Tax ID does not match IRS records
A First B-Notice is issued after a mismatch persists:
Updated tax documentation is required
A Second B-Notice requires IRS-issued documentation only and may result in:
Processing restrictions
Backup withholding (currently 24%)
Withheld funds are remitted directly to the IRS and cannot be released by PayYourRent.
When to Contact Support
Contact PayYourRent Support if:
Your property did not receive a 1099-K after February 10
You need a corrected or amended 1099-K
You received a B-Notice
You need to update tax information close to or after year-end
Contact PayYourRent Support via:
Live chat on the PayYourRent website
Phone: 888.800.4797
Email: support@payyourrent.com