I received a 1099-MISC from my property manager for rental income for 2024, but Box 1 RENTS ($27,200) includes pre-paid rent ($1,500) by a tenant for Jan 2025. This prepaid rent is held by the Property Manager and will be applied to me in Jan 2025. I am fairly certain that I need to enter the full amount provided in Box 1 in Turbo Tax when I enter my rental income, but where do I offset the income I have not yet received?
On Page 2 of the 1099-MISC under the heading 'TAX DETAILS' it does list the amount as 'prepayments'.
Taxable Income = $25,700
Prepayments = $1,500
Taxable Total = $27,200
Thank you for your help.
