1099-MISC form

Forum|Forum|5 years ago
May 27, 2021
3 replies
32 views

I received a 1099-MISC form for Sec. 8 for my rental properties how do I separate the income in turbotax?

TurboTax Home & Biz Windows

Critter-3

Level 15

Anyway you like ... just do NOT use the 1099 income section to enter the form ... simply enter the rent in the individual Sch E sections and divide the one form into as many pieces as you need to. The IRS will not care as long as the total amount reported shows up on the tax return somewhere.

mjrealestateAuthor

Level 2

Thank you.

Carl

Level 11

There's really nothing to separate per-se. When entering the rental income section simply select the option to indicate that some of the rental income was reported on a 1099-MISC, and some was not. Then enter the amount reported on the 1099-MISC, followed by the amount that was not reported on the 1099-MISC.

Understand that when you e-file the return only the total amount of rental income received is sent to the IRS. The fact that some was reported on a 1099-MISC and some was not, is not included in the e-filed return. Only the total amount of income received gets reported. That's all the IRS cares about.

You run into issues with the IRS if the total amount of rental income received does not match or exceed the total amount of rental income reported to you on 1099-MISC. In the case of a SEC8 rental the IRS fully expects the amount of rental income received to exceed the amount reported on the 1099-MISC.