Rental Property

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Do Landlords Need to Issue 1099s? An In-Depth Look, Part 1

By | December 13th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

Question: does a landlord need to issue 1099s to contractors who perform work on the landlord's property? Answer: I give a CPE presentation on Form 1099, and I've also done far more research into 1099s (especially 1099-MISC) than any sane person should. And I can say, I have an opinion on the answer to this question [...]

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From the Archives: Rental Properties and Basis Allocation

By | May 30th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

It's a holiday week so I'm re-posting popular blog posts from the past. This post from January 2013 deals with allocating basis in a rental property between the house and the land.

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Do Property Managers Send 1099 Based on Gross Rent or Net Rent?

By | October 18th, 2016|Categories: Small Business Tax and Accounting|Tags: , , |

This is a rare case where I can give a straight, firm answer: the 1099 should show the gross amount of rent collected.

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Is a Rent Reduction Tax Deductible?

By | August 17th, 2016|Categories: Small Business Tax and Accounting|Tags: , |

A reduction in rent is not deductible for the landlord, but the landlord does get a tax benefit in a way.

How Much is the Casualty Loss When a Rental Property Sits on Leased Land?

By | April 29th, 2016|Categories: Potpourri of Tax Topics|Tags: , |

This happened a number of years ago, in the early days of my business, and it was the first time I had to deal with a situation that kept me up at night. But after much research and discussion with other tax pros, I felt comfortable with the way we reported the loss.