Hello,

I have a landlord that wants me to manage a single condo for him.

I have my realestate license in miami fl

Do i need a special management license for this??

He says he deducts all his management fees from his taxes and i wanted to know how that would affect me if i do the management for him

thanks to all who can provide some info for me

thanks

Unless the law is different in other states, I would say no. If he deducts the management fees from his taxes, ask him if he will issue you a 1099. A 1099 will list the amount of money that he paid you for "cost of management". You will then have to claim that as income on your taxes. If he does report it to the IRS, he may ask for your SS# or tax id# (which is standard).

Make sure that he's really reporting everything. If he's not, and you do, then he will get in trouble. If he doesn't give you a 1099 form, then questions should be raised.