Short term rental owned by two partners but issues only one 1099-MISC

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My partner and I co-own a short-term rental but the property management company will only send one 1099-MISC to report our rental income (to one of us). If it's to me, do I then send my partner another 1099-MISC with half the income once I receive my 1099-MISC from the property company? Thanks

Critter-3

Level 15

The ONE 1099 should be issued to the Partnership EIN and not to either of you. A Partnership return should be filed and hopefully the partnership owns the home. If not seek local professional assistance ASAP for guidance on this matter.

netslracAuthor

Level 2

I'm sorry but I was imprecise with the language. It's my unmarried domestic partner and myself (and we file taxes separately of course). We don't have a partnership from a tax point-of-view, we just jointly own the property. We will checked "Individual/sole proprietor" on the W-9.

Anonymous_

Level 15

@Critter-3 is absolutely correct with respect to a partnership return and its EIN, but you can have jointly owned property that generates income without necessarily having a partnership.

However, in that instance (where you receive the 1099-MISC for 100% of the income), you would have to indicate that you received part of the income as nominee for the other party (owner). You would then have to file a 1099-MISC as the Payer of the amount that the other party needs report.