Level 5

1099-Misc Rental Income

Forum|Forum|5 years ago
March 16, 2021
1 reply
14 views

Client received 1099-Misc from Property Management Company for the rental of his property. The paid box 1 rents of 11835.00 and box 3 other income of 4093.85. The box 3 was payment for deposits. Can I just include that on Sch E income not reported elsewhere? The software doesn't allow other income to be linked to Sch E. Thoughts?

ProSeries Tax

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BobKamman

Level 15

Refundable deposit? Not yet refunded or applied to rent? More information needed.

C

CRM2182Author

Level 5

Client advised other income was 3323.80 for an insurance claim, 371.05 was for utilities and 400.00 was for non refundable pet fee. Hope that helps. Not sure what to do with it. Thank you!

qbteachmt

Level 15

The insurance claim is applied to whatever got claimed against and got repaired/replaced/destroyed. You cannot write off a loss and then get reimbursed for it, and not report that exchange; or, got the value, which affects the basis. Hard to give specifics on something not identified.

The pet fee is just income. It's the same as rent, but didn't need to be reported in Box 1.

Hard to know if the utilities was a return of the landlord/owner's deposit, or some rebate from an electric coop or?

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