Hello,
We purchased a townhome in 2024 to rent out. I have several questions related to this:
1. We didn't start a separate business to acquire this property so we would file under our own name for business?
2. We hired a management company which gave us a 1099 MISC for the income received. This part confuses me. Do I need to report this under my personal income because of the 1099 MISC form? If so, is it possible to report the renovation, management company fees, and other expenses somehow?
Thank you in advance for your help! I may have many follow-up questions as well. 🙂
