Do I enter my 1099 rental income in the 1099 section AND the Schedule E? Doesnt seem right.

Forum|Forum|6 years ago
June 5, 2019
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TurboTax Premier Online

PopeyeTheSalior

Employee

No. You do not enter your rental income twice in the program.

You will first start from the Form 1099-MISC section to report income. Then you will go to the Schedule E section to enter any expenses if there are any. If you do not have any rental expenses, you don't need to revisit the Schedule E. You only need to enter your rental income once under the Form 1099-MISC section.

To enter the Form 1099-MISC rental income in TurboTax Premier online program, go to:

1. Sign in to your account and select Take me to my return

2. Across the top, select Federal Tax / Wages & Income

3. Scroll down to Other Common Income 1099 MISC , select Start to follow the prompts

To enter your rental expenses, follow these steps:

1. At the right upper corner, in the search /Find box , type in schedule e and Enter

2. Select Jump to rental ( schedule e)

3. Income from Rentals or Royalty Property You Own- select Yes to proceed

4. On screen, Rental and Royalty Summary, under your (already-entered from 1099-MISC section) rental property, select Edit to enter expenses. See attached screenshot

1428reggiec

Do I enter 1099 MISC box 1 rental income on 1099 misc

JohnB5677

Yes, you would enter the amount in Box 1 (Rent) into the rental income section that @PopeyeTheSalior described above.

All income and expenses related to the rental will all be included in this section.

@1428reggiec

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DiddlyD

This is nothing but a work around that is crazy. The 1099-K is required on Schedule C (Trade and Business) line 1 not schedule E (Supplemental Income). The problem with this 1099-K is it was intended for business income for goods (products) and services (Labor) that use online electronic payment processing (POS transactions) not for rental payments which is caught up in this mess now because of the many Rental payment processing Apps online now Landlords have started using them to make pay rents as Paypal and Zelle could be problematic, but now it has become intwined with this new IRS requirement they have to issue 1099-K's sales of goods and services (business) which is then causing tax reporting problems . If you don't use these platforms you don't won't encounter these 1099-K problems Intuit is tell you to stick in a 1099 misc which is used for reporting payments to others you hired in excess of 600.00. What a fricken Mess!

The add'l problem is that if you received refundable amounts from tenants as in Security Deposits held in Trust the IRS says not to report as income on your taxes unless you made a deduction for repairs for which you will have an expense deduction to offset it otherwise it has to be returned to the tenant by law THE 1099-K INCLUDES IT AS INCOME AND PEOPLE ON HERE ARE TELLING YOU TO WRITE IN A DEDUCTION FOR SECURITY DEPOSIT REFUNDS WHICH THE IRS IS NOT ALLOWING.

Sorry, I will file my income and expense on Schedule E to match my financial records period. I quarentee you I will not be audited and if I am, I'm prepared!