I own a home and my parents take care of collecting rent and they keep the money. Do I need to issue them a 1099 to report the income?

My parents take care of all interactions with the tenants and collect and keep the rent. I am reporting the income, taking the deductions, and want to "pay" them the remainder so they can report that income on their taxes. Do I need to issue a 1099-MISC? I do not have an EIN and do not know how I would go about issuing a 1099-MISC without one.

posted

Connect with an expert

1 Reply

I own a home and my parents take care of collecting rent and they keep the money. Do I need to issue them a 1099 to report the income?

Yes, you need to issue a 1099-Misc to them if the amount is over $600 for 2019.

You can issue a 1099-Misc without having an EIN. For the box asking for Payer's TIN (Tax Identification Number) you use your Social Security number.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Still have questions?