If you shared on Getaround last year, you may receive a 1099 tax form from us this tax season.
The Internal Revenue Service (IRS) requires that companies processing payments, including Getaround, report the gross earnings of members that earn over $20,000 in rental revenue and have 200+ transactions in the calendar year (Note: In Massachusetts, this threshold is $600 with no minimum transactions). If you cross both IRS thresholds in a calendar year, Getaround will provide you with a Form 1099-K.
In addition, if you earned $600 or more in marketing promotions, such as referrals or earnings guarantees or other hosting based incentives, your earnings will exceed the 1099-NEC threshold established by the IRS, and we are similarly required to report this income and provide you with a 1099-NEC tax form.
Please note that these IRS policies may result in you receiving different information from what was provided by Getaround last year, and some of our Members may not receive any 1099 information from Getaround for the 2022 calendar year.