Before January 31st, we will send an email to inform you that your 1099 has been posted in your owner portal for the previous year. This will disclose the amount of gross income that we will be reporting to the IRS.
We will also be sending a 12-month cash-flow statement that will not only breakdown the amount of gross income that you received each month, but it will also include the monthly expenses inccured for your property (i.e. management fees, maintenance expenses, utilitiy expenses, etc). This is extremely important when completing your taxes so you know exactly how much income should be reported.
One caveat with the 12-month cash-flow statement is that it includes a field in the gross income called "pre-paid rent". This amount is rent that a tenant may have paid to us for future rental obligations, but it has not been paid out to you yet since the rental service has not been provided yet. For this reason, "pre-paid rent" is not truly income to you yet and it is deducted from the total gross income for the property. You will notice that you year-end 1099 reflect this as well by not reporting pre-paid rent to the IRS.