Wyndham 1099 form

[jagbug]

I received a 1099 Misc Income form for timeshare points I rented with Extra Holidays which I expected. The problem is the 1099 form shows 100% rental income & I only received 60% & Extra Holiday got 40% but they handed everything I never had the 100%, does anyone have any experience with this situation? It seems anytime you try to made a bad situation with Wyndham better you get scammed.

 

[rrlongwell]

I am far from an expert but you should be able to use their income figure and deduct their fee as an expense. You may also be able to deduct any other related expense.

 

[Tia]

Maybe ask to move this thread to the rental board for more input?

No expert here but I'd be calling to get a corrected 1099 as you did not receive the amount they are reporting. Would expect a person can write off the maint. fees associated with this too?

 

[vacationhopeful]

Is this slick or what?
Wyndham collected the full rental amount, charged commission & processing expenses against the income, sent net check to owner, and then sends the full amount amount to IRS & TS owner.

Where and who notifies the IRS on Wyndham's income of commissions and processing expenses?

When you got your proceeds check, did you get a detail listing of expenses? Guess you will have to send a 1099 to Wyndham...

Talk about under-reporting income.:ignore:

 

[IngridN]

IIRC, that's the same way Marriott handled their 1099s under their old rental program. You deduct your fees, including their commission, from the total income.

Ingrid

 

[theo]

Not unique...

Wyndham collected the full rental amount, charged commission & processing expenses against the income, sent net check to owner, and then sends the full amount amount to IRS & TS owner.

I have also seen this very same phenomenon occur with other (much smaller) management companies, who will (for now) remain nameless. Maybe it's even a SOP for reporting practices, I don't really know.

I'm not sure that it's really a huge problem for the individual taxpayer, who can still (accurately, legitimately and completely truthfully) address and identify (and utilize for their own legitimate benefit) any commissions and fees charged to them --- within their own filed tax return(s).

Whether the IRS can then later computer-mismatch or otherwise identify mnagement company underreported income (if indeed that's actually what they are doing) I do not claim to know, but I will readily admit that I am generally inherently suspicious of "corporate bookkeeping" practices.