Updated over 4 years ago on . Most recent reply
1099 for rentals
does a property management company report the gross or the net rents on the 1099 sent to the owner
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What if a 1099-K is sent out by a PSE for Third Party Network Transactions? I use TenantCloud and the payment program (TC Payments powered by Dwolla) sends out a 1099-K for rent income paid to the owner (i.e. net rent after deducting PM fee and expenses). Do I have any obligation to report the different between gross rents and 1099-K or do my own 1099-MISC for gross rents (this would result in income being reported twice)?
My CPA said to issue my own 1099-MISC for gross rents. 1099-K would report electronic payments made and owner would file that on return ALONG with an expense line item stating the 1099-K was double up income.