I need to do 1099s for rental condos I manage. Per rental, the HO gets 60%, I keep 40%. Ex: a condo generates $1000 in rev. What do I report on the 1099: $1000 OR $600?

hoataxes2019 — Sat, 01 Jun 2019 15:09:40 GMT

I need to create 1099s for some rental condos that I manage. The 'revenue share' is 60/40 (the homeowner will receive 60% of each rental, I will keep 40%). So, for example, a rental condo generates $1000 in income. The HO will receive $600, I'll keep $400. At year end, which # do I list as income for the homeowner on the 1099: $600 OR $1000?

You issue the 1099 to the homeowner for the full amount o...

Lisa995 — Sat, 01 Jun 2019 15:09:42 GMT

You issue the 1099 to the homeowner for the full amount of rents received, they include that total on their tax return, then deduct your management expense to get their net amount they actually received.

topic I need to do 1099s for rental condos I manage. Per rental, the HO gets 60%, I keep 40%. Ex: a condo generates $1000 in rev. What do I report on the 1099: $1000 OR $600? in Investors & landlords

I need to do 1099s for rental condos I manage. Per rental, the HO gets 60%, I keep 40%. Ex: a condo generates $1000 in rev. What do I report on the 1099: $1000 OR $600?

You issue the 1099 to the homeowner for the full amount o...