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February 1, 2025
Question

What are step-by-step instructions on entering an offset to a 1099-K subject to offset by the 14-Day Rule for a Short-term Rental? Simply not reporting is not an option.

  • February 1, 2025
  • 1 reply
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The property went from being investment, to personal, to investment in same calendar year. Therefore, I need to be thorough in what is reported from the 1099-K vs. other rental income.

    1 reply

    February 5, 2025

    The following are the steps to remove rental income that is not required to be reported due to the IRS Minimal Rental Use rule.

    • Minimal rental use: There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.

    Other Miscellaneous Income:

    1. Go to Tax Home (left panel)  Wages and Income  section of TurboTax
    2. Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C
    3. Select Other reportable Income > Enter a description (----) and the amount
    4. Repeat these steps then enter the description Less than 15 days rental and a negative same amount (-100)

                  

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