1099-MISC

Hi,

Have a rental property and reviewed 1099-MISC form from property management firm.

Box-1 of the form, reports income which takes into consideration deducting property management fees + other maintenance fees (pest control etc.). So, the question, since these expenses are already deducted in Box 1, do I show those as rental expenses or will that be wrong?

posted

If you report the amount of rents in box 1 of form 1099-MISC which is already net of management fees and other costs, you do not report these expenses again as rental expenses as this would be double-dipping.

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