Managing Your Property
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 3 years ago,
1099 from property manager question
Of the several property mangers I have there are 2 that do 1099's differently.
One manages 2 properties and does not issue a 1099. Annually I ask and annually they tell me that their owners just use the income from the end of the year statement. I do but this seems odd.
The other will only report on the 1099 the income disbursed to me (my owner draws) and does not include the rental income they collected that is sitting in my account that has not been disbursed. Why is some money not disbursed? I'm letting money accumulate there to do big updates on one of the units (ac, flooring). So, for example, 12k was collected but only 6k was officially mailed to me leaving 6k of my money with the PM for expenses when realized. This would be the 3rd year in a row where my 1099 does not match the actual income they received on my behalf from my tenants. What should the 1099 reflect?