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1099 forms for property management: Everything you need to know (2024 update)

Buildium

Property managers are required to request a W-9 from and issue a 1099-MISC form to each owner, attorney, and contractor they work with, so long as payments meet or exceed the $600 threshold. The W-9 form will give you their filing status and federal tax ID, so you can file your 1099-MISC forms accurately when the time comes.

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6 Property Management Tax Mistakes: Are You Making Them?

Buildium

Advertising to influence government legislation, however, is never deductible. Legal and Professional Expenses You can deduct fees paid to attorneys, accountants, consultants, and other professionals for any work related to your business. When you hire an independent contractor, that cost is deductible, too.

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Condo Frozen Pipes: Who Should Take Care Of It?

Mem Property Management

The first thing you must do is check your condo association s governing documents. If your governing documents dont include these stipulations, then its probably time toconsider amending them. Some associations have outdated governing documents which can include unenforceable rules. Particularly, who will cover them?

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The Top 10 Mistakes Colorado Springs Property Owners Make (And How to Avoid Them)

Muldoon Associates

Ignoring Maintenance Issues There are so many mistakes that can be made with maintenance, from ignoring preventative services to hiring the wrong vendors and contractors. Have an attorney or a Colorado Springs property manager review your lease to ensure it complies with local laws.

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5 HOA Terms Every Board Member Needs to Know

Mem Property Management

Governing Documents The declaration, bylaws, operating rules, articles of incorporation or other documents which govern the operation of the association. The governing documents , sometimes referred to as the CC&R’s (Conditions, Covenants, and Restrictions) is where the HOA and the board get their authority.

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HOA Electric Car Charging Policy: Why Have One?

Mem Property Management

In this article: The Importance of an HOA Electric Car Charging Policy Understand Your Governing Documents Who Pays for Electric Car Charging Stations? As a result, these communities lack the guidance and provisions they require to govern the installation and management of charging stations. Who Pays for Electric Car Charging Stations?

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“Wildfires, Insurance & Mortgages: Will Your Home Survive the Financial Aftermath?”

Esquire Property Management Group

This is typical in locations where building expenses are rapidly rising or following natural disasters that raise demand for contractors and materials. Anyone looking for alternatives should consult any and all of these available government programs. 20%-50%) to the policy limit if actual rebuilding costs exceed anticipated costs.

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