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Property management company collecting rents
October 19, 2022
Q. We are a management company (XYZ Partners), and we collect rent for the properties we manage on their behalf. For few of the properties we manage, their bank accounts are set up with the XYZ tax ID. In these cases do we need to send 1099s to the property owners for the collected rent? Does XYZ need to send 1099s for the owners? I need to know if we need to send 1099 to the owners of the properties or is it not required since we are collecting on their behalf?
A.
(Answered by IOFM's…
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