Our Tenant (commercial) sent us a 1099-MISC form. We recently extended their lease for 5 years and they paid an additional amount to add to the security deposit. We carry the security deposit on our books as a liability. They included the additional security deposit on the 1099-MISC. Do I need them to update that or is it okay that our income won’t match what they put on the 1099-MISC.
Thanks for your time and attention.
