1099 question (rental, fees, landlord, payment)

[ukrkoz]

Landlord noob here.

I have rental ran through property management company.
1099 they sent me has gross rental income on it.
Do I tell them to amend 1099 to what we actually received - rent is paid to them, they disburse to us - or, do as is and then deduct their fees on spreadsheet under "fees and commissions"?

Thank you

[ukrkoz]

got it

IRS § 1.6041-1(f) Amount to be reported when fees, expenses or commissions are deducted—(1) In general. The amount to be reported as paid to a payee is the amount includible in the gross income of the payee (which in many cases will be the gross amount of the payment or payments before fees, commissions, expenses, or other amounts owed by the payee to another person have been deducted), whether the payment is made jointly or separately to the payee and another person.

[Electrician4you]

Originally Posted by ukrkoz

Landlord noob here.

I have rental ran through property management company.
1099 they sent me has gross rental income on it.
Do I tell them to amend 1099 to what we actually received - rent is paid to them, they disburse to us - or, do as is and then deduct their fees on spreadsheet under "fees and commissions"?

Thank you

You grossed x amount so your 1099 will reflect that amount because that's what you made in total. Now their fees/commissions are deducted when you do your taxes