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- Dec 16, 2006
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A bit of a niche question, but thought I'd see if anyone could provide input.
I have a house that I started renting out last year and have a property management company that collects the rent and maintains it for me.
The property management company deducts their monthly fee and any additional expenses each month and deposits the remainder into my bank account monthly.
I do not have an LLC. The tenants pay the property management company directly and I never interact with them.
Now that tax season is upon us, I called the property management company to see if they would be filing a 1099 for my account.
They stated they do not do this. They are a long-established, fairly reputable company, hardly fly-by-night or shady.
Based on what I have read, any property management company that collects more than $600 in rent per year for an owner is supposed by law to file a 1099.
Am I missing something? And should I be worried about problems down the road? I of course have my own records with respect to rent received and will report honestly to the IRS.
I have a house that I started renting out last year and have a property management company that collects the rent and maintains it for me.
The property management company deducts their monthly fee and any additional expenses each month and deposits the remainder into my bank account monthly.
I do not have an LLC. The tenants pay the property management company directly and I never interact with them.
Now that tax season is upon us, I called the property management company to see if they would be filing a 1099 for my account.
They stated they do not do this. They are a long-established, fairly reputable company, hardly fly-by-night or shady.
Based on what I have read, any property management company that collects more than $600 in rent per year for an owner is supposed by law to file a 1099.
Am I missing something? And should I be worried about problems down the road? I of course have my own records with respect to rent received and will report honestly to the IRS.
