|FAQ ID # 18|
|1099 for HOA or Condo Owners
Last Update : 2008/07/28
|Question / Issue|
|1099 Reporting for Condominium and Home Owner Associations|
|Answer / Solution|
1099 Reporting for Condominium and Home Owner Associations
Property Manager Edge Software is designed to have the Management Company as the reporting agency. This is a specific requirement of the IRS for Property Management Software. The reason is a Vendor may have been paid under $600 from several properties, but the overall payout is above $600. If the Managment Company is the reporting agency, it will accumulate payouts from all properties.
For Condominium or Home Owner Associations the IRS wants the Association to be it's own reporting agency. You can accomplish this in Property Manager by entering in a TAX ID in the Property Window. This is the flag that tells our 1099 reporting process to use the Property as the reporting agency instead of the Management Company.
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