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April 13, 2025
Question

why I am constantly asked to review my 1099-k when I reviewed it a dozens of time?

  • April 13, 2025
  • 1 reply
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I have 1099-k for vacation rental that I had to split between 2 properties. During the review process I am asked to review 1099-k and no matter how many times I have reviewed it, the massage doesn't go away.

    1 reply

    April 13, 2025

    Are you reporting two rental properties on IRS Schedule E Supplemental Income and Loss?

     

    If so, I would report the IRS form 1099-K income within each of the Schedule E rental properties.  For example, the IRS form 1099-K reports $5,000, $3,000 to property 1 and $2,000 to property 2.

     

    In TurboTax Premium Online, follow these steps:

     

    • Down the left side of the screen, click on Federal.
    • Down the left side of the screen, click on Wages & income.
    • Click to the right of Rentals, Royalties, and Farm.
    • Click to the right of Rental Properties and Royalties.
    • At the screen Your 2024 rentals and royalties summary, click the pencil icon to the right of the rental property.
    • At the screen Here's rental property info, select Add income to report rental income.
    • At the screen Select your type of income, select Form 1099-K and report the $3,000.

    Repeat with the second rental property and report the $2,000.

     

    Retain copies of all paperwork with your tax records should a tax authority have a question at a later time.

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