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I just signed with a property manager for a house that is being posted to rent. The house is empty now and my wife and I live in another location. On this tax form do I fill in my current address or do I fill in the address that is to be rented? Also, I'm and individual owner, do I need to get a Tax ID Number (TIN)?
You will use your current "tax" address. No, you do not need to get a tax ID number. The only reason to get a tax ID number would be if you incorporate and wish to file a separate tax return for the business or if you hire employees (the property manager is not an employee).
Since you are going to be a "landlord", you may wish to speak with a tax professional concerning your responsibilities, record keeping and the benefits for someone with rental properties. You need to start the day you make the property available for rent.
Thanks AZJoeD, that's the info I need. I'll run it by our tax person when we have them done. I just want to make sure everything is done right. You've been a great help!
Use your current mailing address. The big difference will be what 1099 box the property manager uses come tax time. Discuss this with them, the other income box is the correct one. Even the IRS gets confused on this issue.
Thanks for the info, I'll ask him to just to be sure. I did enter my current address though. He manages a good number of properties, so I think he probably would know. Good news too! He showed the property to several people this morning and all the ones he showed it to want to rent the place. I don't know how he will manage that. I guess it's first come first serve for whichever one passes the background check? Anyway, less than two weeks listed and will probably have a tenant in the house by the first of April if everything goes smoothly.
Use your current mailing address. The big difference will be what 1099 box the property manager uses come tax time. Discuss this with them, the other income box is the correct one. Even the IRS gets confused on this issue.
Really? Where did this information come from? We put all of ours in the "Rent" box this year (it was the first year we have done them) at the instruction of our accountant. We did have one amount that went in the "Other income" for one client, because it wasn't rent, but everyone else's was, so why wouldn't it be called "Rent"?
The IRS, Your client is not your landlord. Your relationship with the recipient is not that of tenant to landlord.
The fact that they money processed through our account changes it's purpose for the owner of the property? That doesn't make sense. Whether they received it direct from the tenant or through an intermediary (us), doesn't change the fact that it is still rent money.
Have a question?/ I have a tenant renting my property ( Iam the landlord) is an office and she is asking me for a W-9 to send me a 1099..Is this correct??
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