Atlanta Buckhead Midtown and
EVERYWHERE USA - NEW TAX Requirements
In Atlanta Buckhead Midtown Westside or any other place in the United States, a TAX REPORTING CHANGE is here now and could effect real estate professionals. There are now three forms which have different usages and will be due to the IRS at different dates.
Form 1099-MISC will be used to report miscellaneous compensation such as rents, prizes and awards, medical and healthcare payments, and payments to an attorney or an accountant.
Form 1099-K tracks payments you’ve received through a payment settlement entity, or PSE. That includes tracking payments made via:
- Credit cards
- Online payment services like PayPal
- And even freelancing platforms like Upwork that manage client payments for you.
Form 1099-K shows the value of the transactions the PSE has processed for you in the past year, as well as any expenses paid on your behalf by your clients.
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