How to fill out tax information
To ensure a seamless payout experience, you will need to fill out the tax form. Boatsetter is required by the IRS to have this information on file. If you do not fill out your bank and tax information and additionally email a clear, color picture of your photo ID to email@example.com to verify your identity, payments will be halted on the account or the account may be closed.
The Internal Revenue Service (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) only if, for the calendar year:
- The gross amount of total reportable payment transactions exceeds $20,000, AND
- The total number of such transactions exceeds 200.
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 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. At the bottom of the summary, you’ll find a button to download the full summary. This file will be in .CSV format and details all payouts and booking details for each of your completed bookings. The export tool was designed to allow owners to download all account and tax related information. There are two main tabs, Booking History and Tax Information.
All inquiries and concluded bookings can be found in the Booking History tab. Prior charter payments, dates, and contact information for previous renters have been included along with spreadsheets to provide a snapshot of all activity.
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 indirect taxes and for including any applicable taxes to be collected or obligations relating to applicable taxes in listings. You can read more on taxes by clicking on the link to the IRS page that better explains the Gig Economy Tax.