I have passed on it at this time. I just cant make the numbers work. I would like to have an extra 150.00-200.00 coming in a month because its due for a tax increase and I also need to have some money coming in for any repairs that are neccesary. The area turned out to be kind of questionable as well and their are a ton of duplexes around.
Yes. You are correct, that is purpose of a 1099. It is used to report income recieved, however, when you file taxes you get to deduct interest, expenses, PM costs etc...everything, including the kitchen sink. So you will need to file in your 2006 tax return, but you could file it without a 1099. Not really a big deal, unless you trying to cheat some
What did you decide?
I have passed on it at this time. I just cant make the numbers work. I would like to have an extra 150.00-200.00 coming in a month because its due for a tax increase and I also need to have some money coming in for any repairs that are neccesary. The area turned out to be kind of questionable as well and their are a ton of duplexes around.
Thanks for the info, good luck with your future search.
Yes. You are correct, that is purpose of a 1099. It is used to report income recieved, however, when you file taxes you get to deduct interest, expenses, PM costs etc...everything, including the kitchen sink. So you will need to file in your 2006 tax return, but you could file it without a 1099. Not really a big deal, unless you trying to cheat some
Oh thanks for that info. Good to know. And coming from a PM!