How to handle IRS tax filings with a Property Manager

Question

Hello,

I gave 10 rentals to a property manager last year and now I am struggling to do taxes.

As the property manager handled all the contractors s I can't issue 1099's to them.

Should I just record the net income received from the property manager or do I need to include all the income and all the expenses as defined by property manager?

Will the IRS expect me to do 1099 forms for contractors when I did not pay them direct?

Do I issue a 1099 to my property manager for all expenses they paid?

Thank you!

Kim Meredith Hampton · Answer

@Toben B. Your property manager should issue you a 1099 with a year end cash flow that you can use to file your taxes. We actually have a portal for all owners, and they can log in and get copies of leases, receipts for bills paid etc... The 1099's for vendors are done by the property management company.

Jake Johnson · Answer

The only thing I can add to Kim's comment is that the property manager has until the end of January to file the 1099s. They should be able to give you a timeline for when you should expect it. They also should have asked you for a W9 when you began your relationship.

How to handle IRS tax filings with a Property Manager

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