1099MISC box: A property manager collects rent, then deducts expenses incurred, then writes a check to the owner. Do they 1099 the owner for the gross rent amount or net?
1099-Misc Box 1 is Gross. Example:
You collected $1,000 rent on my behalf, and deducted $300 for my expenses that you covered = $700 Banking to me, but Gross = $1,000 on my 1099-Misc. Then, on my own tax form, I take that deduction against $1,000 rent income.
Rent collected by the […]
Resolution for '1099MISC box issue: 'A property manager collects rent, then deducts expenses incurred, then writes a check to the owner. Do they 1099 the owner for the gross rent amount or net?' available: Yes.
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