TenantCloud provides tax reporting features to ensure compliance with IRS requirements for users who process online payments.
Overview of the 1099-K form
The 1099-K form is a required IRS document that reports the gross amount of online payments processed through TenantCloud. It does not represent taxable income or total earnings but serves as an informational report for accounts meeting the IRS reporting threshold. Consult a tax professional for assistance with determining taxable income.
Who receives a 1099-K?
The 1099-K is issued to Landlords, Owners, and ServicePros with an active online payments account in TenantCloud, if they meet the applicable IRS reporting criteria for the current year.
2025 reporting threshold
For tax year 2025, the federal reporting threshold for Form 1099-K in the calendar year is the following:
You receive more than $20,000 in gross payments for goods or services,
AND
You have more than 200 payment transactions.
What does this mean in practice?
If, during 2025, your payments through TenantCloud do not exceed both $20,000 and 200 transactions, you generally will not receive a 1099-K.
Receipt of a 1099-K is an informational reporting requirement — it does not change taxable income, which must be reported regardless of whether a form is issued.
You may still receive a 1099-K even if the federal threshold isn’t met, as your state tax reporting thresholds may be lower.
Procedures for updating and confirming tax information
To ensure the correct issuance of tax forms like the 1099-K, you should:
Update Business Details: If you operate as an LLC or similar entity, update your TenantCloud account to include your LLC’s legal entity name and EIN. This ensures that tax forms are issued under the LLC name rather than your personal name.
Confirm Tax Information: Navigate to Settings -> Tax forms under the Online payments section and click "Confirm your tax information" to review and verify your details.
Delivery methods for tax forms
The 1099-K form is delivered electronically once it is prepared. You will receive an email notification once it is available. You can then download the document from your account settings and print a physical copy if needed.
Will I receive a 1099-K form if I am not an active subscriber?
Even if you cancel your TenantCloud subscription, you will still receive a 1099-K form for payments processed during the year, provided you meet the IRS reporting threshold.
Why are 1099-K amounts not matching my records?
Stripe uses the Funds Available accounting method. Meaning, if an ACH payment was initiated on December 31st, but did not clear until January 3rd, it would be included in the new calendar year for tax reporting purposes.
You can also request a transaction log from Stripe to show the list of transactions processed through Stripe with the Funds Available date on the report. For that, contact our Support Team.
This article is neither legal advice nor tax advice. We recommend that you speak to your tax advisor with any questions or concerns about tax reporting.