Most fractional real estate platforms structure each property as a pass-through LLC, which issues IRS Schedule K-1 (Form 1065), not a 1099, to investors each year. The K-1 reports your share of rental income, depreciation, and any capital gain when the property is sold. Partnership returns are due March 15 (March 16, 2026 for tax year 2025) but operators often file a 6-month extension via Form 7004, pushing your K-1 to September 15. Depreciation often makes K-1 taxable income smaller than the cash you received, useful, but constrained by passive activity rules. This is not individualized tax advice; talk to a CPA before you file.