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walkerpkw
New Member

1099-misc payer over reported my income. They won't send corrected one.

The amount reported from my property management company is including the full rent, and the deposit they kept which I never saw. They deducted fees so the amount paid and directly deposited is about $3,200 less than Rent Box-1 

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Accepted Solutions
TaxGuyBill
Level 9

1099-misc payer over reported my income. They won't send corrected one.

If it is a non-refundable deposit, the deposit is properly reported as income.  If the deposit was refundable, you are right, it should not be reported as income.  As a work-around, you can report the full amount (including the deposit) and then enter the amount of the deposit as an "other" expense.

Your need to report the full rent, and then report any expenses for the rental (such as their fees).

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3 Replies
TaxGuyBill
Level 9

1099-misc payer over reported my income. They won't send corrected one.

If it is a non-refundable deposit, the deposit is properly reported as income.  If the deposit was refundable, you are right, it should not be reported as income.  As a work-around, you can report the full amount (including the deposit) and then enter the amount of the deposit as an "other" expense.

Your need to report the full rent, and then report any expenses for the rental (such as their fees).

View solution in original post

walkerpkw
New Member

1099-misc payer over reported my income. They won't send corrected one.

I guess I'll figure a way to deduct the deposit but should the management company have listed the security deposit (which they held) as Rent paid to me? So either they send me a corrected 1099 or they do in fact report all rent income received and list that in Rents Box. Thanks
TaxGuyBill
Level 9

1099-misc payer over reported my income. They won't send corrected one.

As I said before, if it is a nonrefundable deposit, yes, it is reported as income as rent.

As for why you have not receive that money from the management company, you would need to discuss that with them.  They may just be temporarily holding it until the end of the lease.
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