Property Manager Annual Operating Statement

Property Manager Annual Operating Statement by Steve (Washington) on March 31, 2012 @17:03

Does a property manager, by law, have to deliver to landlord an itemized annual operating statement showing annual income and expenses incurred during the year? If this is true, when does that statement have to be mailed out? please advise, steve

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Re: Property Manager Annual Operating Statement by Jake on March 31, 2012 @17:21	[ Reply ]

I would say if you do not get one it is time to change managers.

Re: Property Manager Annual Operating Statement by Anonymous on March 31, 2012 @18:16	[ Reply ]

I believe they do, and in fact, you should have this in your taxes paperwork--can't recall the name or number of the form... some states require that this is turned in, while others strongly suggest you have this info from your property manager.

Re: Property Manager Annual Operating Statement by Stephen (WA) on March 31, 2012 @18:46	[ Reply ]

If your property manager was a real estate agent it appears that a form 1099-MISC was due to you. If not a real estate agent then I'm not sure. Of course the 1099-MISC would report the gross rents. From a business standpoint, info on what you paid the manager and what was spent on the property are part of your business records. I haven't seen anything from the IRS on what is required to be reported to you, just that you need the documentation to claim the expenses. Maybe you and the property manager need to revise your agreement.

Re: Property Manager Annual Operating Statement by OK-LL on April 1, 2012 @10:16	[ Reply ]

So you have received monthy statements, but you can't put those 12 together and now you want the PM to provide you with an annual statement, too? No, there is no obligation to provide a year-end summary statement. Why can't you just put it together yourself from the paperwork already provided to you? If this is something you can't live without or incapable of producing from existing documentation, you may want to revise your agreement with your PM to ensure he is obligated to provide it -- but as a PM I wouldn't agree to it. Spoon feeding only goes so far.