Rental home 1099 misc

Forum|Forum|1 year ago
September 23, 2024
2 replies
15 views

I have a customer who has 3 rental homes. The property management sent him a 1099 MISC and on LINE 1 (Rents) he showed $26,000. Each rental home (lets say A) had gross income $12000, B had $8000 and C had $6000 which gives $26000 gross income.

The issue is that each house had its own gross income and each had different deductions (expenses). If I enter 1099 Misc with $26000 then what should I enter on SCHEDULE E LINE 3 (Rents received).

If I enter on line 3 of Schedule E - A $12000, B $8000 and C $6000 I end up with double entry of $26000.

How do you think I should handle this situation.

Thank you in advance for any help.

ProSeries Basic

This topic has been closed for replies.

Camp1040

Level 10

Allocate the amount of the 1099 rental income to each property and allocate your expenses to each property.

You really don't have to enter the 1099 form, just make sure your totals match..

IRonMaN

Level 15

Good answer -------- but then again, any answer is a good answer on a Monday after noon this time of year 😁

Slava Ukraini!

Camp1040

Level 10

....and I answered on my new windows 11 computer. Kudos to intuit, the migrate option worked flawlessly for my situation!

Thanks

PATAX

Level 12

I have never seen real estate rental property management company issue separate 1099 forms for each separate property. I have always seen it totaled in the aggregate, and issued to the individual taxpayer who received the rents. Camp and Ironman are correct.

Just-Lisa-Now-

Intuit Community Champion

@PATAX wrote:

I have never seen real estate rental property management company issue separate 1099 forms for each separate property. I have always seen it totaled in the aggregate, and issued to the individual taxpayer who received the rents. Camp and Ironman are correct.

Agreed, they always lump them all together.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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