Landlords + 1099 Reporting: The Challenge
As landlord, preparing bank statements for 1099 reporting is a common but time-consuming task. Businesses issuing 1099s need to verify contractor payments against bank statements. Manually cross-referencing PDFs with payment records is time-consuming and error-prone.
How BankScan AI Helps Landlords with 1099 Reporting
Convert your bank statements to Excel to easily categorise rental income, maintenance costs, and mortgage payments for self-assessment. For 1099 reporting specifically, BankScan AI extracts Payments to each contractor by name and TIN, total annual amount per payee, paym automatically.
How Landlords Handle 1099 Reporting
When preparing bank statements for 1099 reporting, landlords need to Landlords review bank statements to confirm tenant rent payments have been received, match maintenance invoices against bank debits, track mortgage in. BankScan AI automates the data extraction step.
Key terms you'll encounter: rental yield, Section 24, allowable expenses, wear and tear allowance.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload Full calendar year (January 1 to December 31), as 1099-NEC and 1099-MISC are reported on a calendar year basis of statements for 1099 reporting.
AI extracts what you need
Our AI extracts Payments to each contractor by name and TIN, total annual am — formatted for landlords workflows.
Complete your 1099 reporting work
Download Excel files ready for 1099 reporting. Payments grouped by contractor/payee with annual totals, cross-referenced against W-9 information on file; separate identification of credit card payments (reported by payment processor, not payer)
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Landlords — 1099 Reporting
- Built for Landlords — Saves 1-2 hours per property per month on income and expense tracking, with portfolio landlords saving a full day each month across 10+ properties
- Software compatible — Output works directly with Excel, Hammock, Landlord Vision
- Built for 1099 Reporting — Convert bank statements to Excel to quickly filter and identify all contractor payments, verify 1099 amounts, and ensure IRS compliance before January filing deadlines.
- Key data extracted — Payments to each contractor by name and TIN, total annual amount per payee, payment method (check, ACH, wire), payments to corporations (generally exempt from 1099)
Compliance: Landlords + 1099 Reporting
When landlords prepare bank statements for 1099 reporting, specific compliance requirements apply.
- Landlords must report rental income on their self-assessment tax return and can only claim mortgage interest as a basic rate tax credit since Section 24 restrictions. Records must be kept for 5 years after the 31 January submission deadline. Deposit protection scheme compliance also requires clear financial records.
- Legal basis: Internal Revenue Code sections 6041-6050W (information reporting requirements); IRC section 6721-6722 (penalties for failure to file or furnish correct information returns)
1099 Reporting — Built for Landlords
1099-NEC due to contractors and IRS by January 31; late filing penalties range from $60 to $310 per form depending on how late, up to $630 for intentional disregard
Try Free — Landlords + 1099 Reporting