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I need to do 1099s for rental condos I manage. Per rental, the HO gets 60%, I keep 40%. Ex: a condo generates $1000 in rev. What do I report on the 1099: $1000 OR $600?
I need to create 1099s for some rental condos that I manage. The 'revenue share' is 60/40 (the homeowner will receive 60% of each rental, I will keep 40%). So, for example, a rental condo generates $1000 in income. The HO will receive $600, I'll keep $400. At year end, which # do I list as income for the homeowner on the 1099: $600 OR $1000?
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‎June 1, 2019
8:09 AM