rental income 1099-misc

Forum|Forum|5 years ago
April 12, 2021
3 replies
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I receive only one 1099-misc form for two separate rental properties. They are both under the same property management and they always combine the rental income and send only one 1099-misc. When filling out turbotax info in this section it asks for the address of the rental property but there's only one spot to put it in. I need two places to insert both rental addresses. How do I go about doing this?

JoannaB2

It depends. You need to enter the 2 rental properties separately (2 Schedule E) unless it's a duplex. Each rental has different cost basis and description. You may ask the mangement company the breakdown of the rental income and expenses.

Carl11_2

Employee

Understand that when you e-file your tax return, the fact that you have rental income reported on a 1099-MISC is not included with that e-filed return. Just enter the rental income for each property as if you were paid in cash, and press on.. So long as the total rental income received from all properties matches or exceeds the income reported on the 1099-MISC, you'll be fine.

74bulldog

I have 3 rental properties but the 1099 lists income from the 3 all together. How can I separate them on turbotax or how do I report this.

mglauner

When you enter Rental Income for each property, you can indicate that you received a 1099-Misc for each one.

You need to enter the amount of income that applies to each property separately, so that the total rents for the properties on Schedule E totals the amount on the 1099-Misc you received.

Here's more info on Rental Income/Expenses.