1099s and 1042s FAQs

For USA users, CiiRUS can automatically generate 1099 and 1042 forms that are required by the IRS for the homeowners.

These forms are based off of the rental income applied to the owner's account for the given year. Only owners that have made more than $600 in the given year will be required to have a form.

Please click here for the full manual on how to generate the 1099s and 1042s.

Can I print 1099 forms for vendors?

This functionality is not currently available in the system.

CiiRUS has a built-in Owner Accounting Module to generate owner statements and bookkeeping reports specific to owner accounting.

CiiRUS does not generate 1099's for Sub Contractors and/or Vendors because CiiRUS is not an Operational Accounting System which is why we offer the QuickBooks integration.

We recommend utilizing QuickBooks or external accounting solutions to create these specific reports.

Where do we print the 1096 form? I see the location of the 1099 but do not see an option for the 1096 form.

The functionality to print this specific form is not currently available in the system. CiiRUS will only generate 1099 and 1042 forms for the owners.

How Do I Designate 1099s and 1042s to Specific Owner Accounts?

Please go to:

  1. Accounting Functions
  2. Tax Reports/Processing
  3. 1099 & 1042 Settings

Make sure that the Country column has an entry for each account. Owners in the US will be allocated a 1099 form, while international owners will be allocated a 1042 form.

Please click here for the full manual on how to generate the 1099s and 1042s.

Why are Some of My Owner Accounts Missing from the 1099s and 1042s?

1099s and 1042s are only required for accounts that have made more than $600 in the given year (Rental Income). Also, be sure to check that the account has been assigned a country code.

Why Does My 1099 Form Only Print the Form’s Text with No Borders, Cells, or Headings?

The 1099 form must be printed onto a blank 1099 template supplied by the IRS, unlike 1042 forms, which can be printed entirely from the system.

Can 1099s or 1042s be combined if the owner has multiple properties?

Currently, if the owner has multiple properties, just like with the owner statements, they will receive one form per property.

What if a property is owned by two owners? Will each owner get a 1099 or 1042?

Yes, if one property has two owners that share the property 50/50, each owner will receive their own 1099 or 1042 with the divided rental income. For instance, if the total rental income for the given year was $10,000 for the property, each owner's tax form will display $5,000.

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