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Hear this out loud PauseA: 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. Order 1096 forms, 1099 forms, and envelopes NOW and SAVE!
Hear this out loud PauseAny type of rent requires a 1099 form, including machine rentals. The IRS instructions advise that "all real estate rentals paid for office space require a 1099-MISC form." You do not need to report office space rentals if you made payments to a real estate agent.
3. Form 1099-S Instructions - A complete overview In Box 1, the filer must enter the date of closing for the property. In Box 2, enter the gross proceeds, this is the cash amount that the transferor will receive in exchange for the property. In Box 3, enter the address and/or legal description of the property.
If you use a property manager, you will need to file a Form 1099 for their service fees (not including reimbursed expenses). You must also supply a form W-9 to the property manager.
Hear this out loud PauseFile Form 1099-MISC for each person to whom you have paid during the year: At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest. At least $600 in: Rents.