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Updated almost 8 years ago on . Most recent reply

Curt Smith's profile image
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Curt Smith
  • #4 Innovative Strategies Contributor
  • Rental Property Investor
  • from Clarkston, GA
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Curt Smith's profile image
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Curt Smith
  • #4 Innovative Strategies Contributor
  • Rental Property Investor
  • from Clarkston, GA
  • Member since Aug 7, 2012
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Curt Smith
#4 Innovative Strategies Contributor
  • Rental Property Investor
  • Clarkston, GA
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Tax, SDIRAs & Cost Segregation

My PM send a 1099 for rent, yet I claim this on Sched E

Curt Smith
#4 Innovative Strategies Contributor
  • Rental Property Investor
  • Clarkston, GA
Posted

Currious what the accountants say to do for what amounts to double income.  My property manager is obligated to 1099 me for the rent he collected and passed through.  

How do I account for this double income since in Sched E's I list rent as well?

  • Curt Smith
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    Steven Hamilton II
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    • from Grayslake, IL
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    Steven Hamilton II
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    Steven Hamilton II
    • Accountant, Enrolled Agent
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    The 1099 should have  ox 1 filled out for rents. It is for the gross rents there. It is not double income. You simply report what he collected on your behalf. 

  • Steven Hamilton II
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