For 2 years, I've used a property management company to manage my rental property. They filed the 1099-misc with the IRS and sent me my copy every year. This past year, I chose to manage the property myself, under my own personal name (not an LLC) rather than use a management company. I'll still complete the Schedule E as I have in the past. I have not paid any independent contractors that would require a 1099-misc. However, I'm not sure if I need to report the rental income on a 1099-misc to the IRS since I was managing the property myself. I'm concerned that if I just fill out the Schedule E without a matching 1099-misc, it will flag as a discrepancy with the IRS. Do I need to fill out the 1099-misc for myself? Or is simply reporting the income on Schedule E sufficient?
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NO, you do not issue a Form 1099-MISC for the income from the rental property to yourself.
Completing the Schedule E is sufficient since the profit or loss is entered directly on your personal tax return, Schedule 1 Line 5 and flows to Form 1040 Line 7a
Under no circumstances and with no exceptions will you ever issue yourself a tax reporting document of any type for your rental income.
It is possible however, that the rental management company that manages the property for you, will issue "you" a 1099-MISC with the rental income they paid you reported in box 1 of that 1099-MISC.
Thank you!
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