ANNUAL 1099 FAQ's
ANNUAL 1099 FREQUENTLY ASKED QUESTIONS
When will I receive my 1099?
1099’s will be issued no later than January 21, 2022. They will be mailed out on or around January 24th unless you opted to receive them electronically.
Why doesn’t the amount in Box 1 Rents of my 1099 match my Total Operating Income on my 12 Month Cash Flow Statement?
More times than not, that is due to prepaid rent. *The IRS considers advance rent taxable income, even if the owner does not receive the prepaid funds until January or later.
Total Operating Income in the tax year + Net Change in Prepaid Rent in the tax year = 1099 Total
Deposit forfeitures and reimbursement fees are also included in your 1099 amount and is shown on your cash flow statement.
Why are reimbursements fees from tenants for utilities, etc included on my 1099?
You receive the reimbursement as income, in turn you pay the expenses they are used for and claim that deduction. Likely, these amounts will never equal out each year. You are paying the expenses as they are due and the tenant is paying them typically a month later due to the billing cycles and rent due dates.
Who should I contact if I notice a discrepency on my 1099, such as address, tax identification number, amounts?
Please contact our Controller, Carrie Groenwold: carrie@ccrentalpro.com. It is best if you email her in advance with your questions so she can investigate and get back with you.
