Revela Reporting Overview - Tax Preparation

Owner 1099s

Definition:
A report that summarizes all payments made to property owners during the year, typically used for tax purposes. It includes rent distributions, management fees, and other applicable income.

Use Cases:

• Generate tax reports for property owners to file with the IRS (or local tax authorities)
  
  

• Ensure compliance with tax reporting requirements for owner income
  
  

• Provide owners with a clear breakdown of earnings for the year
  
  

• Assist property managers with distributing 1099 forms at the end of the year
  
  

• Track and verify payments made to owners for financial transparency
  
  

Vendor 1099s

Definition:
A report summarizing all payments made to vendors or contractors over the course of the year, typically used to report income for tax purposes. It includes payments for services, repairs, and maintenance.

Use Cases:

• Generate tax reports for vendors and contractors to file with the IRS (or local tax authorities)
  
  

• Ensure compliance with 1099 reporting requirements for service providers
  
  

• Verify that all required vendor payments are reported accurately
  
  

• Provide vendors with a year-end summary of payments received
  
  

• Track vendor payments to ensure proper 1099 filing and avoid penalties