Oftentimes we are asked by property manager clients about issuing 1099s to property owners. You know you have to include rent, but it can be a tricky business if you find yourself wondering about including common area maintenance (CAM) fees or real estate taxes as well. We recently had a client ask just that. Read our response below.
Q: We run a commercial property management company and have to issue 1099s to property owners. Do we include CAM charges or real estate taxes with the rental income?
A: The property manager’s responsibility is to issue a 1099 to the property owner at the end of the year for rent ONLY. Do not include CAM charges or other monies received other than rent. Read more at IRS.gov or ask your accountant, if you still have questions.
The most popular forms are:
- 1099-MISC Income Set & Envelope Kit, 4-part
- 1099-MISC Income Set, 4-part
- 1099-INT Income Set, 4-part
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