I have deeded my rental property to my heirs but continue to receive the rent. Have been advised that they give me a 1099misc. for this property. I pay all expenses including for this property including property taxes. Should they deduct the taxes before sending a 1099misc. and do I claim the income under rental property?
You need to clarify "exactly" what you did by deeding them the property. It really matters big time for taxes. Did you sell them the property? Or did you give it to them as a gift by simply filing a quit claim deed and giving it to your heirs?
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