During 2014 I moved out of my house and got it ready to become a rental property. I hired a Property Management Firm, and my first tenants moved in during January 2015. I recently received a 1099-MISC from the PM Firm which includes one amount, the gross rental income.
My first question is do I have to issue them a 1099 for the management fees I paid to them each month? The fees were deducted by them before sending me the net amount each month.
My second question is since they (PM Firm) receive and pay on my behalf the rental tax, should I include them anywhere on my return? I don't think so, just checking.
This is my first time dealing with rental income, any assistance is appreciated. Thank you!
