@Critter-3 wrote:
Hopefully you have separate bank accounts for your business and all the money coming in from rent (a trust account) and that pays out the rental expenses & owners portion. It should never be co mingled with your finances. Some property managers even have separate trust accounts for each client but if you have good bookkeeping that is not really necessary.
Yes, I have a separate TRUST account to manage client funds. I was hoping that if the incoming rental income on the 1099-MISC matched the outgoing 1099-MISC I issue to the owner, I wouldn't have to even list the rental income on my taxes; however, this seems to not be the case.
