To assist with your 2025 tax preparations, we would like to share important information regarding your 2025 rental income reporting and 1099 forms.
What Is Included in 2025 Rental Income?
Your 2025 rental income includes revenue earned between December 2024 – November 2025. This reporting cycle aligns with our rental income payments made to you in 2025.
1099 Forms – What to Expect
The correct 1099-MISC forms were mailed between Feb 18th and Feb 20th.
Due to a system change that occurred in August 2025, most owners will receive two separate 1099 forms this year:
- Form 1: Income earned between December 2024 – July 2025
- Form 2: Income earned between August 2025 – November 2025
The combined total of both forms reflects your full 2025 rental income reported to the IRS.
If you own a lockout unit:
- You will receive a separate 1099 for each side of the lockout for the first half of the year.
- For the second half of the year, you may receive a combined 1099.
Important Change: Gross Income Reporting
Beginning with the 2025 tax year, 1099s will reflect gross rental income, rather than net income as reported in previous years.
This change aligns with standard industry practice and provides more comprehensive tax documentation.
Expenses Not Reflected on Your 1099
The following common rental deductions are not deducted from the 1099 total:
- Maintenance Reserve Fund (4%)
- Credit card processing fees (3%)
- Travel Agent commissions
- Sunday River commission
HOA Expenses & Property Taxes
- HOA expenses are based on dues and property taxes billed in 2025.
- Owners can review HOA statements in the Condo Web – HOA Dues Statement Portal.
- Dues billed in May/Aug/Nov 2025 can be viewed in the “2025 to current year” Financial year
- Dues billed in Feb 2026 can be viewed in the “2024-2025” Financial year
We’re Here to Help
Owner Services is happy to assist with locating statements, pulling reports, and providing usage data. While we’re unable to provide tax advice, we encourage owners to consult their tax professional with specific tax-related questions.
Please note: Due to high call and email volume, response times may be delayed. We appreciate your patience and will respond as quickly as possible.