Question

I have a property that is rented out for me by a management company. They get 10% of the rent. Do I need to file a w2 or 1099 for them?

Forum|Forum|5 years ago
January 30, 2021
1 reply
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TurboTax Premier Online

No, Payments of rent to real estate agents or property managers are one of the exceptions for the 1099-MISC. See Instructions for Forms 1099-MISC and 1099-NEC (2020).

Critter-3

In fact since they are your receiving agent THEY should issue YOU a 1099-misc for the rent.

A

aquaneer63

Hi, I have similar question. My property manager issued me 1099-NEC for the rent they had collected and a separate 1099-NEC for security deposit. I entered those forms in the Income section '1099-MISC and other common income'. The security deposit is refundable and not actually an income for us. How can I deduct that security deposit in the Deduction section or should I just not enter the 1099-NEC for security deposit in the Income section?

Also the 1099-NEC that I had entered for rental income is moved to Business items where its requiring me to enter business name and other information. Is my rental home considered as a business? Do I need to enter all information for that business?