Re: Who Fills It Out? - Landlord Forum thread 323600

Re: Who Fills It Out? by Kim (WV) on August 31, 2014 @00:28

Just to be crystal clear...yes, you fill out the 1099 at the end of the year for the property management company if you paid them $600 or more over the course of the current calendar year.

You should send them a W-9 to fill out so you will have all the information you need to fill out the 1099.

You will also need a transmittal form for the 1099s that you send in to the IRS with the 1099s. The transmittal form is IRS form 1096. Order all these forms now from the IRS (they are free and you can order them online) so you will be ready to do them in January. You must send out all 1099s to the individuals/companies you paid by 31 Jan and send the transmittal form and 1099s to the IRS by the end of February (if memory serves).

It's really not complicated but you must be careful to "dot your i's and cross your t's" so to speak.

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Re: Who Fills It Out? by Anonymous on August 31, 2014 @13:15	[ Reply ]

You only have to 1099 individuals. If its an LLC or a corp you don't need to.

Re: Who Fills It Out? by Kim (WV) on August 31, 2014 @13:34	[ Reply ]

I think you are only partially correct. I believe this is the rule: "To put it simply, you are required to issue a 1099-MISC to any subcontractor that is not a corporation (S corp or C corp). An LLC, whether single-member or multi-member, is not a corporation, so you do have to issue a 1099-MISC to an LLC. You also have to issue a 1099-MISC to a person, a sole proprietorship, or a partnership, because none of them are a corporation." This is from the Turbo Tax website. But, if you want the info straight from the horse's mouth, you can find the official IRS rules on the first page of the instructions for Form 1099-MISC, which you can download from the IRS web site.

Re: Who Fills It Out? by anonymous on August 31, 2014 @22:39	[ Reply ]

The property manager receives your rental income and gives it to you. For this miscellaneous income that you receive (the rent income), the property management company draws up and mails you a 1099. You use that 1099 Misc to report your rental income on your taxes.