1099 misc

Forum|Forum|5 years ago
March 2, 2021
2 replies
9 views

I have a rental owned by myself and 2 brothers. Previous years, the 1099 was sent to each of us with with the total income divided equally (ex. $30k total income, so we each received a 1099 for $10k)

This year I was the only one to get a 1099 and the full amount was on it. His accountant said he could correct it, but the IRS may not get their end fixed and show an additional 1099 and said I could "fix it" by listing my brother's incomes as expenses.

I think I would prefer to have him send in a corrected 1099 to match previous years and not cause a problem when my 1099 is 1/3 of last year's, or 3x as much this year for that matter

Thoughts?

ErnieS0

Level 15

Having separate 1099s would be best. Or you could issue Form 1099s to your brothers.

Your accountant’s suggestion would work, though I would not enter your brothers’ share of the rental income as an expense. I would enter it as an adjustment against rental income.

Unfortunately you are not able to do that in TurboTax so I recommend corrected 1099s.

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