1099-K Property Management
I received a 1099-k from the software we use to collect rent for 2022. Typically because we are a property management company we send 1099-Misc to the owners for rental income and leave off that income off the gross revenues as the money we receive isn't ours. It's the owners that goes into a trust account. Now because I enter in the 1099-K it's showing all the income we receive for the owners in the turbo tax program as income. I'm assuming I need to report the 1099-K but how do I offset and show what we sent to the owners in the 1099-Misc we sent out to them? Do I put the owners under contractors or list each owner under additional expenses? Thank you in advance.