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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Coownership of rental property by a client personally and 1099 received?
Coownership of rental property by a client personally and 1099 received?
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hamida_surti
Level 1
03-15-2023
07:44 AM
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My client owns a rental property jointly in her name with others. She received a 1099 for the entire rental income on her social security number. I reported the proper percentages on Schedule E, however, is that enough to stay out of the 1099 matching process?
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PhoebeRoberts
Level 11
03-15-2023
09:19 AM
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Your client should issue 1099s to the co-owners for their share of the nominee income.
In the future, tenants of a building owned as TIC should pay each landlord directly for their share of the rent. This is a big hassle, but it substantiates that what you have is a TIC rather than a state-law general partnership.
