It depends on how you view your rental activity. If you expect no profit from the vacation rental, then it could be viewed as a hobby. In this case, no 1099's are required for "personal payments." However, if you intend for this rental to make a profit, then you are in the rental business per the IRS and are required to send 1099's.
Also, this article provides a compelling argument for filing 1099's to support a QBI deduction for your income: Do Landlords Need to File Form 1099? (NOLO) (Note that this is opinion and not from an authoritative website.)
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