A rental property manager’s work is never done.
And one thing he or she must never forget to do is report gross-rental-income to property owners on a 1099-MISC. This reporting responsibility can be confusing because new laws were enacted in 2010 and then repealed in 2011.
Want to end the confusion and find out what property managers really need to report — and what property owners should expect to receive? Read my new, free article titled Tax Tips: Property Manager Reports Gross Rental Income to the Property Owner and to the IRS on Form 1099-MISC.
Three ways our fact-filled article can help you:
- We’ll explain how to file information returns the right way. The law says you have to report the gross amount paid to each client. You don’t exclude your management fees, commissions, maintenance and repair expenses, and other expenses. We’ll give you all the details when you read the full article.
- We’ll list two filing dates you shouldn’t miss. If you want to stay out of hot water, it’s worth reading our new issue for this information alone. You’ll learn what you have to do and when you have to do it, when you read the full article.
- We’ll tell you how to handle payments for maintenance and repairs. if you pay someone $600 or more during the year to complete repairs or perform other services for a client’s property, you must report the payments. To whom? You’ll find out when you read the full article.