American Rescue Plan and How it Affects Your Airbnb
Full Disclosure - This is an email I received today. Great information and if you haven't received this yet, you will.
We have not received taxpayer info from you
US tax info for your Host account is missing. If we don’t receive this info soon, your calendar will be blocked from future reservations and payouts scheduled for Jan 2022 and beyond will be paused.
Please take a few minutes to submit tax info now.
Add tax info
How to submit your tax info:
Log in to Airbnb.com
Go to Account > Payments & payouts > Taxes > Add US Taxpayer
Fill out the form that best fits your tax situation
What info you’ll need to provide
You’ll need to add taxpayer information for all individuals or entities who receive money from the account receiving this email. This is usually your social security number or in some cases, your employer identification number (EIN).
Why it's required
You are receiving this email because you have an active US listing, an active US payout method, or have a US country of residence according to our records.
The American Rescue Plan Act (ARPA) of 2021 requires that Airbnb issue a valid tax document for all US taxpayers earning over $600 annually. In order for us to issue the right document, we need the correct info.
What will happen if you don't take action
Your tax info is required and if you don't provide it:
Your calendar will be blocked from future reservations starting in Dec 2021 and payouts scheduled for Jan 2022 and beyond will be paused
Any reservations for Jan 2022 and beyond will be updated to reflect up to 30%* tax withholding
*Exact tax withholding percentage will vary based on your tax situation.
Our Payment Terms of Service reflect that we have the ability to pause payouts if you do not provide requested information. If you disagree with the updated Payment Terms, you may terminate your agreement with Airbnb at any time by deleting your account.
Back to my own commenting. I do agree Airbnb should send 1099's to anyone who utilizes their services. I am not 100% sure how they work but I do have friends that use them and believe they automatically take out the required hotel/motel tax and send directly to the taxing authority.
This article is just an awareness for anyone utilizing this service who does not already know this information. I am unaware why Airbnb was not already doing this prior to the American Rescue Plan.
I had personally set up an Airbnb account, but have never used it. Thence, why I received the email. Make sure you are set up correctly, with Spring Break in Full Force, you want to make sure you get paid, and do not have a "Pause" on your bookings!
Have a great day!
If you are Looking for a Property you can Airbnb, Give me a call, send me an email, or sign up on my website. I will be happy to help you navigate through this process!
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