Everything Tax
RENTAL INCOME TAX: At the end of each calendar year, we will prepare the 1099 and send it to you. If you have not done that, please go to your Owner Portal to allow us to send you the 1099 by email. In this case, you can receive the form earliest possible. We will start sending out 1099 during the last week of January of the following year.
We will also prepare an annual cash flow statement to help you and your CPA prepare your tax return. The statement will be sent out at the same time as the 1099.
To receive your 1099 faster through your portal, you can sign up for e-delivery of your 1099. If you have not yet, please go to your GPS Renting Owner Portal (https://gpsrenting.appfolio.com/oportal/users/log_in ) to confirm that you are all right with the electronic 1099. Here is the video of how to change the setting: https://vid.us/8jcrwz
ITIN: If you don’t have a Social Security Number (SSN), we will need to make sure that you are working with your CPA to apply for an ITIN number. At the same time, we need you to sign a W-8ECI Form confirming that you will report tax to the IRS. If not, we will withhold 30% of your rental income as required by IRS. Please refer to more information here: https://www.irs.gov/how-to-file-your-taxes-step-by-step
PROPERTY TAX: Please make sure your property tax is paid every April and October. This could be paid through your mortgage company. However, if you don’t have a mortgage, you must pay every April and October. You can pay your property tax here, depending on your county:
- King County: https://www.kingcounty.gov/depts/finance-business-operations/treasury/propertytax.aspx
- Snohomish County: https://snohomishcountywa.gov/221/Tax-Payment-Options
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