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One 1099 rental income for two multi family properties
I received one 1099 from the city for section 8 income.
This was from four apartments.
three of the apartments are in a 3 family property, and one apartment is in a different 3 family property.
so basically one 1099 for partial income from two properties (and 4 apartments).
How do I divide this income between my two properties?
Thank you
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One 1099 rental income for two multi family properties
Just allocate it to the two properties.
If the rent was exactly the same and they were all occupied the same amount of time it would be easy as one complex would have 3/4's of total and the other would have 1/4.
So you will have to look at the rental records to determine this, and after the allocation is finished just make sure 100% of rental income is reported.
Having one 1099 will not matter.
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