Thank you for your reply. I was waiting for additional info from the property management company before replying.
This property management company manages two of my rental properties. They changed to a new accounting system in 2024 and put both rental properties in one account. They just told me the rents for both properties were combined into one 1099 MISC. They uploaded the 1099 data in an excel file to IRS electronically, so IRS has one total amount for both properties. They do not send paper 1099s to IRS. With the excel file upload, they cannot manually separate the combined total into two rents, one for each house, for IRS reporting. So, I am still unclear that:
1. Does IRS match the "Rents" reported on each 1099 Misc, whether reported via paper or electronically, to the "Rents received" line for each property listed on my Schedule E?
2. Or, do they match total of all the 1099 MISCs under my social security number to the total rents of all the properties listed on my Schedule E? I have four properties, the other two propertied are managed by different property management companies that issue their own 1099s. In this case, I’ll have three 1099s reported by three management companies and four properties on my Schedule E.
3. If IRS matches individual 1099 MISCs to each property listed on Schedule E, they would not be able to do so. What would happen? And what do I need to do?
4. I’ll need to separate the total rent amount on the 1099 electronically uploaded to IRS into two rent amounts myself, one for each property on Schedule E. How would I enter the data to TurboTax? Do I input the following -
Under TurboTax section - "Wages & Income", "1099-Misc and Other Common Income”, “Income from Form 1099-MISC" –
Enter the combined 1099 MISC (name, IDs, etc.) twice for each property, one 1099 with the rents for one property, the other 1099 with the rents for the second property on “Box 1 – Rents”?
Thank you for your help in advance.
