Interest Income on Schedule E Shared Rental Property

Forum|Forum|3 years ago
February 22, 2023
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I own a short term rental with my daughter, 50/50. I completed schedule E to report the rental income and expense but don't see anywhere to report the 1099INT income on our shared business bank account that we use to collect rent and pay expenses. It seems like it should be reported as income on Schedule E along with rent income. Where should I report the 1099INT income?

PatriciaV

Employee

Interest Income is reported by the person/entity who is listed on Form 1099-INT. In the case of an individual filing Form 1040 with Schedule E, this income would be reported in TurboTax under Wages & Income >> Interest and Dividends >> Interest on 1099-INT.

For a business, interest income is reported on the business tax return, except for flow-through entities (like partnerships) where the interest income flows to the owners/partners to be reported on an individual tax return.

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