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D
debraf
February 17, 2021
Question

1099 and multiple owners

  • February 17, 2021
  • 1 reply
  • 0 views

i own rental property with another person but the 1099 for rents came in my name only how do i handle this?

    1 reply

    M-MTax
    M-MTax
    February 17, 2021

    You've got to report all the income on that 1099 and report you received the other person's share as nominee...you can deduct your share of expenses.

      D
      debrafAuthor
      February 17, 2021

      where do you report the nominees share?  in the sch E worksheet supporting document?

      M-MTax
      M-MTax
      February 17, 2021

      Not sure about turbotax. I'd report it as an expense and use line 19 of SCH E with a description. You're supposed to issue a 1099 to the other person.

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