Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Coownership of rental property by a client personally and 1099 received?

hamida_surti
Level 1
My client owns a rental property jointly in her name with others. She received a 1099 for the entire rental income on her social security number. I reported the proper percentages on Schedule E, however, is that enough to stay out of the 1099 matching process?
0 Cheers
1 Comment 1
PhoebeRoberts
Level 11
Level 11

Your client should issue 1099s to the co-owners for their share of the nominee income.

In the future, tenants of a building owned as TIC should pay each landlord directly for their share of the rent. This is a big hassle, but it substantiates that what you have is a TIC rather than a state-law general partnership.