Property Management 1099 for Rent

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.

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By |2017-03-21T11:35:47-05:00October 6th, 2011|0 Comments

About the Author:

With more than thirty years of experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. As the CEO and owner of Fast Trac Consulting, Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge and experience with others, she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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