Property management company collects rent on behalf of property owners via Airbnb & Vrbo. Property manager issues 1099's to property owners for gross rents collected along with listing of expenses for each property. Property manager receives 1099-K from Airbnb with amount remitted to property management company on behalf of property owners. This number exceeds what property management company received in management fees. If I don't report the amount that was on the 1099-K on the property manager's tax returns somewhere, the IRS will undoubtedly send a nasty notice. How do I report this properly to avoid any scrutiny by the IRS?
21-Mar-2023 4:22pm
