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J
jimliu5360
February 12, 2025
Question

1099 mics offset 1099k?

  • February 12, 2025
  • 1 reply
  • 0 views

my business received money then pass through it to landlords, should I report it by 1099k then create 1099 mics to offset the income?

1 reply

J
JamesG1
February 12, 2025

Yes, you may.  Rent income may be reported in box 1 of the IRS form 1099-MISC.  Instructions for Form 1099-MISC, page 1, states:

 

File Form 1099-MISC, Miscellaneous Information, for each person in the course of your business to whom you have paid the following during the year. 

• At least $600 in: 

1. Rents (box 1);

 

Are you reporting the income reported on the IRS form 1099-K within Schedule E or Schedule C on the Federal 1040 income tax return or somewhere else?

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