Yardley CPA Posted March 2, 2011 Report Posted March 2, 2011 I'm brian dead today, folks. I have a couple of friends who own a condo and rent it. They are 50/50 owners. They use a realtor to obtain potential renters. Realtor only sent one 1099 Misc Rents to one of the friends...nothing to the other owner. Can 1099 be split between them? I believe I should show the entire rental income on Schedule E of the 1099 recipient but wanted to make sure? Can it be split? Thanks! Quote
Pacun Posted March 3, 2011 Report Posted March 3, 2011 I'm brian dead today, folks. I have a couple of friends who own a condo and rent it. They are 50/50 owners. They use a realtor to obtain potential renters. Realtor only sent one 1099 Misc Rents to one of the friends...nothing to the other owner. Can 1099 be split between them? I believe I should show the entire rental income on Schedule E of the 1099 recipient but wanted to make sure? Can it be split? Thanks! Have partner A issue a 1099-misc to partner B and final de la conversacion. Quote
Yardley CPA Posted March 3, 2011 Author Report Posted March 3, 2011 Have partner A issue a 1099-misc to partner B and final de la conversacion. Thats certainly one way to do it! Thanks. Quote
kcjenkins Posted March 3, 2011 Report Posted March 3, 2011 Show it all on his, then issue a 1099 from him to the other owner for his half, and take that deduction. That gets them both back to even. Half was 'nominee income' Quote
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