Rent payments on two different 1099's

Forum|Forum|3 years ago
April 13, 2023
1 reply
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Hello all,

I had a fire at my rental in Oct of 2022. My insurance company paid me out lost rent and it was deposited into my Paypal account. This is where I collect all my rents and pay the utilities from. My problem is that I have a 1099-K from Paypal with the rents on it since the money was deposited there but I also received a Misc 1099 from the insurance company with the same rents on it. How should I handle this so I do not get double taxed on the rents since they are on two separate 1099's. I also had some of the ins proceeds deposited into that account from the ins company and they are showing on the 1099-K as income. They are for repairs should I just omit that amount when filing. I do not want to get flagged if my 1099's do not match what is sent to the IRS.

Thank you,

Karen F

ThomasM125

You can enter the income as reported to you. Then, add a miscellaneous expense called "Mis-reported rents" or something similar to back out the additional rent income reported in error.

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