Tax information

Starting January 1, 2022, the American Rescue Plan Act will require Boatsetter to issue a 1099-K form for all owners and captains with annual earnings of $600 or more from bookings or transactions.

To prepare your tax document, we need you to provide your taxpayer information. This should only take a few minutes to complete.

How to fill out tax information

To ensure a seamless payout experience, you must enter your tax information on your Boatsetter account. Boatsetter is required by the Internal Revenue Service (IRS) to have this information on file. You can fill out your tax information by heading to your Owner or Captain dashboard and clicking on the “Tax Forms” icon. Please note, PO Boxes are not recognized as a valid form of address. See our article about completing the setup of your payment account here.

1099-K Requirements

The IRS requires all US companies operating as a third-party settlement organization (TPSO) to report any information concerning third network transactions of any participating payee (or in our case, boat owner or captain) only if, for the calendar year, the gross amount of total reportable payment transactions exceeds $600. 

If a business makes payments via a third-party settlement organization as well as cash or checks to the same independent contractor, the TPSO will be required to report the amount of reportable transactions that exceed the de minimis thresholds on Form 1099-K. If you as an owner cross both IRS thresholds in a calendar year, Boatsetter will mail a Form 1099-K to the home address you have provided along with your taxpayer information. You may receive more than one Form 1099-K if your taxpayer information is listed on multiple Boatsetter accounts. You can read more on the IRS website here.

Export data tool

You’ll find a summary and a full download of your earnings in your payout history, which you can find on your Owner Dashboard or Captain Dashboard > Payout History. At the bottom of your Payout History, you’ll find a button to “Download Full Payout History”. This file will be in CSV format and details all payouts and booking details for each of your completed bookings. All concluded bookings and the associated Charges and Payouts can be found in this document.

Tax advice

Keep in mind that Boatsetter cannot and does not offer tax-related advice to any members on the site. Additionally, please note that each owner is responsible for determining local taxes and for including any applicable taxes to be collected or obligations relating to applicable taxes in the listing description. You can read more on taxes by clicking on the link to the IRS page that better explains the Gig Economy Tax.