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1099 Reporting from Property Mgmt Company
If there are any BP Tax Professionals that can help I would really appreciate it - my accountant isn't sure on this one. I've made a blunder in not comparing the 1099 from my Property Management (PM) company to the P&L. After pouring over past returns, I've found that the 1099-Misc (Box 1, Rents Received) is populated with the net rents they pay-out to me after expenses. Isn't this supposed to be gross rents (then I deduct all my expenses on my Schedule E)? I've been researching to determine if I've missed expense deductions, but if my PM is already taking expenses out, does it matter if I go back and itemize? Thanks!