Tax season is upon us—As property managers in Sioux Falls, do you know what forms you need to file?
IRS Forms & Regulations
The good news is that even if you are new to the industry and unsure of what the tax regulations are for landlords, you can rely on Sioux Falls property management companies for help. We are well versed in IRS regulations. A 1099-Misc form will be mailed on your behalf to each contractor whom you paid $600 or more for their work on the property. This regulation is in effect for each person or company who worked on your property in 2015 with the exception of your property management company, attorney, or accountant.
Benefits of Having a Property Management Team on Your Side
As a client of Real Property Management Express, 1099-MISC forms are not something you have to worry about. We will handle issuing these forms to your contractors, and ensuring they are mailed in a timely manner as specified by the IRS regulations. Those who receive 1099-MISC forms must report the money as income on their own return, as failure to do so could result in fine levied by the IRS up to $250 per form not filed.
Rental Income Must be Reported as Well
In order to file your personal taxes, property managers in Sioux Falls will issue our owner clients their own 1099-MISC form, which details their 2015 gross income from the rental property. This income must be reported on your tax return in order to avoid fines by the IRS.
For any questions about taxes and rental property income, Real Property Management Sioux Falls has your back. Our team is experienced with the rules and regulations that must be filed in order to maximize your tax return and avoid penalties from the IRS.