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property management YEAR
END 1099'S property managment
property management, rentals, las
vegas, rent, management, lease, house, condo
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We issue 1099's on or before the last day of January for every
owner that received $600.00 or more through our office in gross
income. We do not charge for this service as some property management
company's do. It is unnecessary for an owner to call the office
on January 3rd and request a 1099.... we get them in the mail
by the end of January.
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If your tenant is a HUD recipient, then more than likely you
will also receive a 1099 from HUD. This poses a dilemma for
some owners. We include a cover letter with every 1099 detailing
how to handle this situation.
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I RECEIVED A 1099 FROM BOTH
HUD AND YOU FOR THE SAME TENANT, WHAT DO I DO?
- The Federal Government (IRS) requires that anyone who pays
out $600.00 or more to anyone else, must report it. Consequently,
both HUD and our office are correct in the amounts we are reporting.
The "fix" for the problem is simple. Add both
1099's together and report the sum total as gross receipts.
Usually the HUD 1099 is smaller than the one you received from
our office. Next, deduct the HUD 1099 amount as an expense.
You could itemize it as "HUD Duplicate 1099". Your
bottom line net result will be the same.
If you do not add the two 1099's together and report
the total as gross income, it will flag the IRS and probably
cause a low level audit.
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