Received 1099-K for rental income for my father

Forum|Forum|1 year ago
February 24, 2025
1 reply
0 views

My father and I have a joint banking account. I set up Zillow to collect his rent payments (account is in my name) into our joint account. I have received the 1099-K for the income. This is not my income. He is going to claim the income on his taxes. How do I handle the 1099-K so it will not affect my taxes? How do I document this so it is clear to the IRS that everything is on the up and up and there is no funny business going on?

maglib

Employee

@taxmomma55 Enter original 1099, then Enter another 1099K with a negative amount. Make sure to attach a letter to your return that the income is allocable to XYX with SSN XXX-XX-XXXX and will be reported by that person.

Make sure your dad reports it as 1099 income during rental interview.

**I don't work for TT. Just trying to help. All the best. ***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.