Tax-reporting tips for property managers 

Property manager image via Shutterstock.

Q: I run a property management company. We receive rent on behalf of an owner, pay expenses, and disburse the net to the owner. We do not consider the rental income as (our) income, nor do we deduct the expenses these properties incurred.

We keep our business income and expenses completely separate from the properties we manage. Do we need to send 1099 forms to our owners related to the gross income? Or just the net income? Or does this only apply if the owner is an individual rather than an LLC?

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