I received a 1099-K and need to report it into my 1065 return. The 1099-k was for security deposits collected through RentRedi/Propay and is not taxable unless used for damages when the tenant moves out in spring of 2024.
I need to report the 1099-K and then reduce the income so it is not taxed as such.
Do I report it as "other" income and reduce my collected rent reported by that amount?
Seems that there should be a line where it is entered that specifically earmarks it as "1099-k received" and "adjustment" so my IRS friends see I properly recorded it.
