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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My rental property management company sent me a 1099-MISC with

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My rental property management company sent me a 1099-MISC with box one blank, and the amount they sent me after taking out their fee in box 7. This seems incorrect to me. Am I wrong? If not, how do I fix it?

Thank you for your question, and thanks for using JustAnswer.com. I am not sure why they put your income in the "nonemployee compensation" box of the 1099. You are correct, the amount should be in box 1.


And they are also correct in that the amount would be gross rents minus management fees, because that is the money that they gave you. They are correct there.

 

To correct this, you should have your rental management company issue a corrected 1099 showing the amount in the correct box. They can do this by filling out a new 1099 form and checking the "corrected" box at the top.

 

You don't need to wait on them to do this to file your taxes. But, I would have them do this ASAP to minimize any penalty that THEY may have because of amending a 1099.

 

Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great day.

 

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.




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