"Harlan Lunsford" <lunstax[at]bellsouth.net> wrote in message
news:4Fk%k.5707$n_5.2156[at]bignews7.bellsouth.net...
- quote -

1099's are supposed to report cash basis accounting, so if there's a
difference, it's your manager's fault.

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scott s. wrote:
- quote -

might differ by, say, two months rental from agent's reporting. IF IRS
ever questions the mismatch, simply explain the situation. make sure
to keep good records, though.

ChEAr$,
Harlan Lunsford, EA n LA

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Harlan Lunsford <lunstax[at]bellsouth.net> wrote in
news:6n%_k.5269$UI2.2660[at]bignews6.bellsouth.net:

- quote -

The problem I've had is the agent does accrual accounting and I
do cash. I've had some discussion as to "constructive receipt"
but I've been showing amounts as received by me rather than accrued
by the agent.

scott s.
...

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"Harlan Lunsford" <lunstax[at]bellsouth.net> wrote in message
news:6n%_k.5269$UI2.2660[at]bignews6.bellsouth.net...
- quote -

Granted that rental properties are generally considered section 212
activities, but in practice, I have seen people issue 1099-MISCs listing
NEC to their rental management companies before, especially when they get
1099-MISCs listing GROSS rents.

- quote -

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D. Stussy wrote:
- quote -

Sorry, but 1099-misc would be inappropriate, since it is not in
connection with fee payer's trade or business.
- quote -

the client and remits net rentals after deductions for agreed upon
expenses, e.g. commission and repairs. Gross rentals are always thus
reported correctly.

ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Arthur Kamlet" <kamlet[at]panix.com> wrote in message
news:ghh184$dd5$3[at]reader1.panix.com...
- quote -

And send them a 1099-misc for the agent's fee (unless rent reported is
NET). ;-)

The 1099 listing rents is appropriate ONLY if the agent deposits gross
rents into his bank account and disburses it to you via the agent's check.
Note that these disbursements may already be less the fee - and if the 1099
matches, you should have no fee deduction for the NET rent reported.
However, if you receive the tenants checks from the agent and cash/deposit
them yourself, the 1099 is INAPPROPRIATE.

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"krasi" wrote:

- quote -

With or without a 1099 you report gross rents on Schedule E and deduct all
expenses, including those paid for you by your agent.

--
Phil Marti
Clarksburg, MD

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <fiP_k.1748$jZ1.421[at]flpi144.ffdc.sbc.com> ,
krasi <krasi[at]damyanov.com> wrote:
- quote -


If the rental agent sends out a 1099-rents with gross rental, you
deduct agent's fee on your schedule E.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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I own a single family home which is rented since I could not sell it. My
real estate agent managing the property said that he will be sending a 1099
for the rental income? Do I get a 1099 for the rental income? If so, is the
1099 income gross rental income and I ahve to deduct expenses paid by my
agent ob my behalf?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >