For tax year 2024:
Any RentRedi customer who processed more than $5,000 in total gross payments will get a distinct 1099-K from RentRedi's payment processor.
The IRS requires payment processors like Propay and Stripe to issue a 1099-K form to report the gross payments you’ve received through their platforms during the year. Each processor will issue a separate 1099-K based on the transactions that took place on their platform. If you used both Propay and Stripe during the year, you’ll receive one form from each processor detailing the transactions made through their services.
If your payment account in RentRedi did not process more than $5,000 in total gross payments, you will not receive a 1099-K from RentRedi's payment processors.
Details of qualification criteria can be located at https://www.irs.gov/businesses/understanding-your-form-1099-k.
Additionally, some states have specific reporting requirements that may generate a 1099-K for any RentRedi customer.