Rents and 1099's
How do I get gross rents collected to print on the 1099's at year end when what I pay the owner is net rents?
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10/22/10 7:42am PDT
Viewed by asker 11/05/10 9:00am PDT
Viewed by asker 11/05/10 9:00am PDT
4 Replies
raywhite28
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10/22/10 7:35pm PDT
QuickBooks only prints 1099-MISC forms.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
10/25/10 8:12am PDT
I do need 1099-Misc forms. My question is that I work for a property management company. We are required to report all the gross rents we collect for an owner at year end on a 1099 form. But the amount that goes through the vendor payment is the NET of their gross rents. Short of setting up a dummy company and entering gross rents for over 300 owners, I was wondering if there was some way to get Quickbooks to track the gross rents as opposed to the net rents. Any suggestions?
10/25/10 11:09am PDT
Edit menu > Preferences > Tax :1099 > Company preferences > account box > choose your accounts.
Enter the Gross rent & then the deductions to different accounts & don't link the deductions to a 1099 account.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
10/27/10 8:30am PDT
Latest post
Gross Rents for each property are deposited to an account called Property Rental Income. The gross rents are never paid directly to the owners. The payments to the owners are always paid as a NET check as well as if I understand correctly, 1099's are tracked through vendor payments and check writing. So, as far as I can see there is no way that QB is going to track INCOME. Any further suggestions?
