Why might the amount reported on my 1099 not match the amount on my year end statement?
1) One reason is due to discrepancies related to the transfer between acquired management companies during the course of a year. If Mynd acquired your previous management company in 2020, you will receive (2) year end statements. One will be for the time period your previous management company managed the property and one will be for the time period Mynd managed the property. The total income sections from both statements will add up to your 1099 amount. Please note you will only receive (1) 1099 that will have the total income from both companies.
2) Second reason is due to the fact that there are multiple owners that receive distributions in your entity. Mynd split up the income amount based on your distribution split percentage for the 1099 but the year end statement has the combined total for the property.
3) Third reason is due to multiple properties under one entity. You have to add all of the total income up for each property in order to get to the 1099 amount.