Question

1099 Mic

Forum|Forum|4 years ago
February 19, 2022
1 reply
0 views

I have two rental properties and my property manager sent me a single 1099 Misc form with the combined income. How do I enter the data in Turbo tax Home & Business desktop version?

TurboTax Home & Biz Windows

A

AnnetteB6

If you have multiple properties with income being reported on a single Form 1099-MISC, then you should divide the income shown on the 1099-MISC among the properties. Do not enter the full amount with each one or the income will be overstated.

It is OK to enter the 1099-MISC under each property with only that property's income shown as rent as long as the total rent reported among both of your properties is equal to what is reported on the Form 1099-MISC.

Or, if you prefer, do not enter the 1099-MISC at all. Instead, just divide the rent income among the properties and enter the amount as 'cash' for each one.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"