1099k for business income

Forum|Forum|1 year ago
February 21, 2025
1 reply
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hi all, hopefully I can get help or answers from this community

I own a property manager company llc in CA and the llc help landlords collect rents through zillow,com. We have received a 1099k for all payments by our llc bank account. I will report the 1099k (100K) in my business return as a "income" but don't know where I can wipe off the rent (95K) in my business return? in deduction (business expense- all other business expense) ? or give 1099mics to landlords?

looking forward to hear your soon!

Thanks!!!

TurboTax Business Windows

JamesG1

You are receiving $100,000 in rent proceeds reported on an IRS form 1099-K. You report that $95,000 of the rent proceeds have been remitted to landlords with whom you work.

Establish a business expense to report the $95,000 expense of rent proceeds being remitted to landlords.

You may be required to report an IRS form 1099-MISC for these payments, reporting rent in box 1 of the IRS form 1099-MISC.

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jimliu5360Author

Thank you for your help!

I am not sure where that I can input those 95K expensive to? is under business deduction? all other expensive?

see attachments for advice, thank you in advanced!

JamesG1

Are you working in TurboTax Desktop, TurboTax Online or TurboTax Business?

In TurboTax Online,

You would click on your self-employment activity under Your 2024 self-employed work summary.
Then click Add expenses for this work.
Select Other miscellaneous expenses which would allow you to add a description to the expense.