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1099 forms for property management: A Comprehensive Guide

  • November 10, 2022
  • James Beeson
  • Category: Property Management

You’ve probably heard the term “1099 forms” before. It’s a common, but not always accurate, way of describing an itemized list of payments made or received by someone who owns real estate. But what is a 1099 form? And why would you need one? In this article, we’ll go over everything you need to know about 1099 forms for property management.

What Is a 1099-MISC Form?

A 1099-MISC form is used to report miscellaneous income. It’s also known as a “miscellaneous” form, which means it doesn’t have any other specific use in American tax law.

When you receive payments from contractors or freelancers, you’ll want to file Form 1099-MISC with the IRS so they can keep track of your business expenses and get paid by the contractor or freelancer.

What is a 1099-NEC form?


A 1099-NEC form is used to pay non-employee compensation, which means you are not being paid for services that are exempt from income tax. This can include contractors and freelancers who do not have an employee relationship with you. An independent contractor is someone who provides services under his or her own name, such as an electrician who installs lights in your home or runs errands for you.

1099 Exemptions for Property Managers

  • A property manager is not an employee, so they don’t have to report their income on a W-2 form.
  • The same goes for contractors who work as a 1099 independent contractors: they’re not in the business of managing properties, so they won’t need to file 1099 with their client’s information on it.

These exemptions apply to all types of property managers—whether you’re managing one building or ten thousand units.

If you manage rental properties and receive income from them, then the IRS considers you an independent contractor. In that case, your client will need to send you a 1099 form with their information on it at the end of each year. If they don’t do this within 60 days of the end of your tax year (January 31st), then they’ll owe you money for taxes owed on that income.

1099 Requirements for Property Owners

The 1099-MISC form is used to report miscellaneous income.

The 1099-NEC form is used to report payments made in the course of a trade or business to a nonresident alien individual, foreign partnership, or foreign corporation.

The 1099-MISC form is used to report all types of miscellaneous income, including royalties, farm rental and payouts from real estate rental activities. The 1099-MISC may also be used to report payments made in the course of a trade or business to independent contractors and subcontractors who are not employees.

Deadline for 1099 Forms

The deadline for filing 1099 forms for property management is January 31st. If you file late, you could get fined. You can request an extension if you need more time to complete the work and submit your tax forms.

You can file electronically or by mail with any of these options:

  • Filing electronically through TurboTax Online:
  • Mailing Form 1040-C (Application for Extension of Time To File Certain Information Returns) to IRS at P O Box 760419M Washington DC 20036

Tips for Property Managers Filing the 1099-MISC and 1099-NEC

You can file your 1099s on time and ensure that you receive your payment in a timely manner. The best way to do this is by filing the forms as soon as you receive them from the IRS. If you have any questions about whether or not you need to file a particular form, contact your tax professional for help.

You should also make sure that you file all of your tenant income from each year together with their respective 1099s, even if they didn’t pay rent during some months because they were out of town for example – this ensures that all landlords know about their tenants’ earnings at once! It also helps prevent confusion when trying to match up expenses against income later on down the line (e.,g., if one tenant owes money).

Finally, when it comes to filing your 1099 forms for property management, make sure that you have all of the relevant information for each form. If a tenant paid rent in cash or with a check made out to their name instead of yours, you may need to contact them directly and ask them for their bank account number so that you can issue an electronic deposit for payment.

How to File 1099 Forms for Property Management

Here are the steps you can take to file 1099 forms for property management:

  • Provide a link to the IRS website. The site has lots of information on how to do this, including links to forms and FAQs. It also provides guidelines on what employers need to do when they receive 1099-MISC payments from managers or other employees who have received taxable income from their employer, as well as regulations from both federal and state governments regarding such activities.
  • Provide a link directly to your form. The IRS recommends that when submitting any form online, it should be done through an official source (such as this one) rather than simply copying and pasting text manually into another document—which could lead people astray in trying out some strange tricks like using Microsoft Word’s AutoCorrect feature instead of actually typing things out correctly!


In this article, we’re going to look at the different types of 1099s that can be issued by property management companies. We’ll also examine their purpose and what you should do if you receive one. Hopefully, this will help you understand how these tax forms work and prepare for when you need to complete them yourself!