December 2024 Blog
Pacific Grove Property Management
Dear Homeowners,
As the year comes to a close, we’re excited to share updates on important processes and new services designed to enhance the experience for both you and your tenants.
End-of-Year 1099 Reporting
What Are 1099 Forms?
Form 1099-MISC is an IRS-required document used to report payments made to individuals and businesses. For property owners, this typically means rental income received during the calendar year.
Why Do We File 1099 Forms?
The IRS mandates that we report gross rental income to ensure compliance with federal tax laws. This information is also reported to you to assist in preparing your tax return.
Updated SSN/TIN Information
If your Social Security Number (SSN) or Taxpayer Identification Number (TIN) has changed, please let us know immediately to ensure accurate filing.
Important IRS Rule: Reporting Income in the Month Received
Please note: rental income must be reported based on the month it is received, not the month it is applied to.
- Example: If January 2025 rent is paid in December 2024, it will be included in your 2024 income for 1099 reporting purposes.
- Impact: This may cause a discrepancy between your cash flow report and the 1099 form.
We recommend consulting with your tax professional for specific guidance.
Electronic Filing & Access
All 1099 forms will be filed electronically, as required by the IRS, and will be accessible in the Owner Portal in January. Please verify your SSN/TIN is accurate and notify us of any discrepancies before filing.
Introducing Our New Resident Benefit Package
We are thrilled to announce the launch of our Resident Benefit Package through Second Nature, a service designed to enhance tenant satisfaction and protect your investment.
What’s Included in the Resident Benefit Package?
- Air Filter Delivery Service
- Tenants receive high-quality air filters shipped directly to their door every 90 days.
- Improves HVAC efficiency, reduces maintenance costs, and promotes healthier indoor air quality.
- Credit Reporting for On-Time Rent Payments
- Tenants benefit by building their credit score through positive rent payment history.
- Encourages timely payments and financial responsibility.
- 24/7 Pest Control Coordination
- A dedicated team handles pest control requests promptly, ensuring tenants’ needs are met and preserving the property’s condition.
- Tenant Rewards Program
- Discounts and perks for tenants as a thank-you for maintaining the property and paying on time.
- Renter’s Insurance Coverage Options
- Built-in compliance tracking ensures all tenants maintain proper insurance, reducing liability risks for owners.
Why Is This Important?
- Tenant Retention: Happy tenants are more likely to renew leases, reducing turnover costs.
- Property Preservation: Proactive services like filter delivery and maintenance coordination help maintain the value of your property.
- Streamlined Management: Second Nature simplifies operations, ensuring high-quality service for tenants and less stress for you.
This service reflects our commitment to providing a seamless experience for everyone involved.
Thank you for trusting Pacific Grove Property Management. If you have questions about the 1099 process or the Resident Benefit Package, please don’t hesitate to contact us.
Wishing you a joyful holiday season and a successful New Year!