Hi all, quick question.
I am working on my tax return.
I have been renting my home out for the entire year and use a management company since i live out of the country.
The amount stated on the 1099-misc they sent me represents the amount paid to me after they took their fees.
After i receive the monthly rent money that they have already paid themselves with, i have to pay the mortgage and HOA. I have listed HOA fees as an expense and input the mortgage interest sent to me by the mortgage company.
But what is confusing me is ownership percentage. I own the house, but i also have to share the "income" with the mortgage company and the HOA. Taxslayer tax pro said "usually the amount reported to you has already been divided between the owners. If this is the case, your percentage of ownership is 100%."
I would expect at least the mortgage company could be considered an owner since they hold the lien. The amount reported to me is nowhere near what i actually keep after everyone has been paid.
If i input 100%, the return is approx. $2800, but i reduce to 33%, the return is approx. $4100.
I don't want to do the wrong thing and have to pay the IRS back because i put the wrong percentage of ownership.
Any help will be appreciated.
Thank you
Submitted April 12, 2023 at 05:05AM by mgsgamer1 https://ift.tt/8kBDw4z
