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blwardrop
New Member

We jointly own condo, managed by a property mgt co. Rcvd 1099Misc w/net income. Shouldn't it be gross? Wife has RE Broker license. Report as business income or rental inc

 
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1 Reply
Carl
Level 15

We jointly own condo, managed by a property mgt co. Rcvd 1099Misc w/net income. Shouldn't it be gross? Wife has RE Broker license. Report as business income or rental inc

SInce rental income is passive, it's reported on SCH E no matter what. For what form to use, it doesn't matter if the owner qualifies as an RE Pro or not. The SCH E is still the correct form to use. So assuming you two are the only owners, and that you are filing a joint return, just work it through the Rental & Royalty Income (SCH E) section of the program.

As for the 1099-MISC, if it's not gross, then what does the amount shown in box 1 reflect? If it's the amount of cash you actually received after the PM withheld their cut, then you just don't claim the mangement fees, is all.

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