We own a townhouse which we rent out through the year. We are part of a HOA that manages ~250 townhomes within the complex. We pay HOA dues on a monthly basis that are used to manage common areas of the property. Our total annual HOA dues paid are greater than $600. The HOA employs a property management firm to manage the HOA due collections, etc. As a rental home owner (business) do I need to send the property management firm and/or the HOA a 1099 form for the HOA dues paid?
Additionally, I read that the IRS has a phase-in reporting requirements of $5000 (and not $600) for 2024. Is this true? If true, how does this change our actions for the above question.
