All Forum Posts by: Abhijit Dey

I am getting some conflicting advise regarding this, so wanted to ask Tax Pros & fellow Property Managers for some advice & real life examples. Say we have a client for whom we have in the year 2016:

1. Collected 12,000 in rents
2. Charged 1,000 in fees
3. Paid 1,200 to vendors for repairs (800 to vendor VA and 400 to vendor VB)
4. So paid out 9,800 to client

I need to give a 1099-Misc to VA for $800; that much everyone agrees on

Q1) What would be the 1099-Misc amount to client?

Q2) Since this is our principal business, and we are an incorporated business, do I report 12,000 in income & 11,000 in expenses? And not on schedule E, right? That's for the client to do (Schedule E)?

The best advice I saw is from Stephen Fishman. He looks like quite published and has avery relevant background to speak on such a topic: http://www.inman.com/2012/02/10/tax-reporting-tips...

But there are detractors as well in the comment section, with someone (Steve Moskaluk) also very logically defending Stephen Fishman.

What Stephen seems to say is: Issue $800 of 1099 to VA, issue $9.800 of 1099 to client, declare a business income of 1,000, and call it a day

On the other hand, Buildium, PropertyWare and quite a few others like them, when you prepare your 1099 automatically at their site, prepares client 1099 for $12,000

So what are we supposed to do? And what are we doing? Thanks!

Thanks @Fred Heller. We exclusively manage investor properties and do not own any ourselves, but I think tenantcloud would work just fine for that purpose. Any reason you think it is particularly suited to manage owned properties? Or maybe I misunderstood.

HI Shane, how are you? Well, I am not in the habit of blaming anyone else for my issues. I already decided on Buildium when I signed up. The referral credit was just something small but nice, and I thank you for that. And yes, it took many prodding for them to actually cough up the money.

This year with all 1099s getting bumped up to Jan 31st, I have no time to look at anything before end of the month. I will take a look at the property management service landscape in Feb., and decide accordingly.

Cheers!

First they eliminated 20 unit plan. Okay, I am over 20 units, but still.. Now it is $75 / month for 120 units. I guess I am with the wrong company if they expect their customers to have 120 units minimum.

Recommendations please? Need to leave Buildium.

Links on increase: Some details and FAQ

@Shane H. can you please message me? I will reply with my buildium email address. I can not initiate a message to you because "You cannot start a conversation with SetterRealty until they are your colleague". Thanks!

Going to sign up with buildium. Hook me up with a referral?