I received a 1099-k from Airbnb for 6 properties I own. How do I divide the amount on schedule Es line income from 1099-k? TT links it all to one only.

Forum|Forum|6 years ago
June 1, 2019
3 replies
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When creating the 1099-k it requires a link to associated schedule where income is reported but will only allow linking (and thus populating the field) with the entire amount on the 1099-k to only one property. I can't allocate it, or override it.

TurboTax Deluxe Mac

MichaelDC

Employee

The simplest solution in this instance is to set up each rental property individually as if "the 1099-K didn't exist".

In TurboTax, we don’t create a separate entry for your 1099-K info. That's because your 1099-K income should already be included in other income such as a 1099-MISC

Simply enter the applicable amount for each property address on your Schedule E.

The IRS is only concerned with you reporting the rental income. Even if you didn't receive a 1099-MISC or 1099-K, you would report it on the separate addresses. Because of the 1099-MISC/1099-K, the IRS will expect to see at least $X amount of rent reported, and that's what you'll be doing.

You may want to document the split for future reference and record-keeping and possibly attach a copy of the lease agreements showing where the 1099-MISC number came from.

So, to recap: DON"T enter the 1099-K

Here's how to get back to your rental:

Go into your TurboTax return. Not sure you're in there? Click on the orange Take me to my return button.

1. Search for rentals and then click the "Jump to" link in the search result.

2. Answer Yes to the question Did you have any rental or royalty income and expenses?

Here's how to delete your 1099-K:

To delete a form that came in the mail (e.g., W-2, 1098, 1099, etc.) it's best to do it from that form's Summary screen.
Simply search for the form number (for example, 1099-MISC) and then click the "Jump to" link in the search results to get to the Summary screen.

Wendee in Carlsbad

This is an excellent answer. I have the same problem. Thank you for such a detailed answer.

LeonardS

Generally, the IRS allows you to allocate the amount on Form 1099-K to individual rental properties on your return. The IRS may not directly match your Form 1099-K to the individual rental properties however, the IRS may contact you if it thinks there’s a discrepancy, the amount reported is smaller-than-expected income, based on its analysis of Forms 1099-K reported to you.

@Wendee in Carlsbad

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abhiverma812

I am in the same boat and looking for an answer.

PatriciaV

Employee

Yes, @danh123 is correct. Allocate the income from Form 1099-K as needed and report as rent for each property. (Do not enter under the 1099-K topic.) As long as you report at least as much income as was reported on the 1099, you have satisfied the reporting requirements.

Note that Schedule E (for rental properties) does not have a specific line for Form 1099-K. All Rents received are reported on Line 3, regardless of how they were paid.

@theprof07

@abhiverma812

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danh123

I do enter my 1099-MISC separately. I enter in the information and make sure to reduce my total rental income by the amount on each 1099-MISC for that property because Turbotax will add them all together.