I am managing an apartment building and will get a 1099 for taxes what can i deduct for this?

Question

I need office suplies: computer,fax and desk what part of this can if any I deduct. and what else may be one a list of deductions?

I live in the building and get a cut in rent. Also is a computer and other office supplies 100% deductiable or does it depend on the cost.

Answer 1

You should not get a 1099, you should get a W-2 unless you are in the business of managing apartments and manage several (ideally for different owners.) If you live in the "managers apartment" at a complex and have to collect rent and make small repairs, you are an employee. If you get your apartment rent free, the rental value is not subject to social security and medicare taxes.

Answer 2

Wartz is 100% correct. Plus, as a ciontractor, you will pay more tax on the same income than yo would as an employee. Unfortunately, if you force the issue you might find yourself out of a job.

Contact your state's Dept of Labor to determine your rights. You may find your self owing Uncle Sam a lot of money that your employer should pay.

Answer 3

You should be able to deduct any expense you incurred in performing the management services. Office supplies, office space deduction, telephone, business computer, software, etc. Auto mileage included.

Answer 4

Only actual personal business expenses that you have receipts for. If you did not pay for it, you can not deduct it.