Q: What kind of year-end statement is needed for rental income?
I receive rental income from a property to which I am one of the heirs. Another one of the heirs is acting as the administrator and sends me the money (check) every quarter. She only sends handwritten notes of how much each heir received. What type of statement can she prepare to send us so that we can use that for tax purposes? Is there a template for that? Does she even have to supply us and herself with that, or do we just report the amount and keep copies of the checks she sends us?
A:
You probably have either a trust/estate or a partnership. So you should be receiving a k-1 from either a 1041 or a 1065.
You should get that looked at since not filing properly can create a lot of penalties.
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