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Updated about 2 years ago on . Most recent reply

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Hjiorst Fjioords
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Should property manager send a 1099 for each unit AND for all units combined?

Hjiorst Fjioords
Posted

We have five rental units within two addresses.  My property manager has provided me with a 1099 for each of the five, but also provided one with the total amount of all combined.

I don't think this is right.  Do you? 

Adding to the problem is that each 1099 has no indication of which unit it belongs to, and the big one does not state anywhere on it that it is for all units combined.

What scheme does your property manager follow?

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Hjiorst Fjioords:

You should receive one 1099 for your entire portfolio.

Property A: single-family home

Property B: duplex

Property C: duplex

This is five units, three properties, one owner. You should get one 1099 reflecting income for all the properties. When I send statements for owners, it shows income/expenses for the entire portfolio (all three properties combined) and then a separate statement for each property. This shows how your whole portfolio performs, and how each invidivual property performs.

The only reason you should receive a separate 1099 is if ownership is different. If Property A and Property B are owned under "Swedish Homes LLC" and Property C is owned under your personal name, then you would get one 1099 for the LLC and one for you personally.

  • Nathan Gesner
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