CiiRUS has the capability to generate both 1099 and 1042 tax forms for your homeowners. These forms are automatically generated based on the rental income credited to the owner's account for the respective year, specifically when the homeowner has received $600 or more in rental income credited to their owner account.
Where to go
Accounting
Bookkeeping Reports
1099s & 1042s
Tax Form configuration
The general settings must be configured in order for the system to produce accurate tax forms. The form is produced based on the owners country of residence. Owners located in the USA will receive a 1099 tax form, while owners based internationally will receive a 1042 tax form.
Input your Company Tax ID also known as the TIN issued by the IRS
Confirm the homeowner's residential address
Specify the "Country" within the country column so the system knows whether to generate a 1099 or 1042
Viewing and printing the 1099 (USA owners) forms
Click on the second tab labeled 1099 & 1042 Reports
Select the applicable year and 1099 as the form type
The window will load owners and the total amount of rental income credited for the selected period
From the 'Print Options' specify the red copy for IRS or 'other copy'
Each owner's 1099 will open as a separate page in a new browser tab
⚠️ The 1099 form must be printed onto a blank 1099 template supplied by the IRS or a local supply store. This is why CiiRUS only prints the form's text with no borders, cells, or headings as the system is programmed to populate the information into the correct fields.
Printer settings
For the 1099 forms, since you're printing the data from CiiRUS onto the form, it's important to check your printer settings to prevent alignment issues.
Pay attention to the following:
Paper size - letter
Scale - default
Here's an example of what the form looks like after printing:
Viewing and printing the 1042 (international owners) forms
Select the applicable year and 1042 as the form type
The window will load owners and the total amount of rental income credited for the selected period
Select the applicable owners and click Print Form(s)
Each owner's 1042 will open as a separate page in a new browser tab
File electronically
If you have 10 or more information returns to file, you may be required to file electronically. Go to IRS.gov/InfoReturn for e-file options.
FAQs
Why aren't my 1099 or 1042 forms appearing in my Tax Reports?
There are two common reasons why these forms might be missing:
Income Threshold: The total Rental Income for the year is less than $600.
Missing Information: In your Tax Settings, ensure that all units have a valid address and country populated.
1099s: The country must be set to United States.
1042s: The country must be set to a Non-US country.
Which figures are included in my tax report?
The report calculates any transactions specifically categorized as Rental Income within the corresponding owner account. Please note that other transaction types (such as cleaning fees or maintenance reimbursements) are not included in these totals.
Can I print tax forms directly from CiiRUS?
Form 1042-S: Yes. You can print the entire completed form directly from CiiRUS.
Form 1099: No. CiiRUS only prints the data/text for the 1099. You must obtain the official pre-printed forms from the IRS, and CiiRUS will align the text to fit those forms.