Hello,
My wife and I started an LLC for our rental property business. We are in a unique situation where we started the LLC after acquiring our first investment property. So we have one property that is owned by us in name and the other is owned by the LLC. I know now that I have to treat the financial reporting separately. I will file a 1065 only for the financials of the property owned by the LLC and will report rental property finances with my standard tax return.
However we ran into a situation with of property manager that we were not expecting and need help knowing what is the proper path forward. Our property management company manages our properties under one account. When we opened up the LLC we gave them our business name.
They generated a 1099-MISC under the name of the LLC however reporting the total income for both properties. We are unsure how to advise our property manager how to correct this. Our thoughts are the following.
Correct the 1099-MISC for the name of our LLC to reflect just the finances of the property owned by the LLC.
What about the remaining income ? Should a second 1099-MISC be generated just under the name of my wife and I ?
Thanks.
