Filing my tax return

Renting in the United States

In accordance with IRS requirements, Getaround issues owners a 1099-K for earnings facilitated through our marketplace platform.

For 2024 earnings, Getaround will provide your 1099-K through Stripe. You will receive these reports only if you reach the threshold set by the IRS.

1099-K

Marketplace Facilitators, such as Getaround Inc., are required to provide Form 1099-K to participating payees no later than January 31.

As required by the Internal Revenue Service, form 1099-K provides a report of total gross earnings (also called gross receipts) received from customers during the reporting period. It is important to note that the amount reflected on Form 1099-K represents gross earnings and does not equate to your net earnings. The reported gross earnings include Getaround commissions, which are tax deductible.

The amount you received from Getaround as a payout will not match the amount reported on your 1099-K form. The actual payouts are the net earnings plus reimbursements, such as claims and fuel, and parking tickets. The Getaround commission is deducted prior to sending the payout.

The IRS has issued guidance clarifying that transactions for goods or services will be subject to reporting if total payments exceed $5,000 in 2024, $2,500 in 2025, and $600 starting in 2026 and for subsequent years.

For authoritative guidance, please go to the IRS website directly: IRS Website

Obtaining Earnings Information from Legacy Getaround Platform:

Unfortunately, owners no longer have access to the legacy platform. For more detailed information about rental earnings and commissions from the legacy platform, please contact customer support and request your “1099 Earnings Report - 2024"

Obtaining Earnings Information from New Getaround Platform:

To get additional details for your tax filing, go to Your Payments and click Payment Statement at the bottom of the page. You can download an Excel file detailing all the completed transfers, including information regarding the rental dates and the distance per rental in miles. If your earnings were allocated between a user and a business account, you may need to download a report for each entity. Tax reporting was done on a consolidated basis.

These details will tell you the total amount of rental income, commissions paid to Getaround, claims reimbursements, and other key tax information.

The 1099-K amount combines gross earnings (rental price plus service fees) and additional fees earned by owners. It does not include fuel reimbursements (“Fuel Adjustment”), parking and moving violation reimbursements (“Penalty Notice Amount”), claims reimbursements (“damages”), or toll reimbursements (“toll reimbursements”).

Note:

Getaround does not provide tax advice. For any tax-related questions, we highly recommend consulting a qualified tax professional who can offer guidance and assistance tailored to your specific tax situation.