The rental income reported on the IRS form 1099-K should be reported on Schedule E Supplemental Income and Loss on your Federal 1040 income tax return.
Then the income reported on the IRS form 1099-K can be reported on the Schedule E as rental income.
The expenses associated with the income can then be reported on Schedule E as rental expense.
In TurboTax Online, establish the rental property activity by following these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & income.
- Scroll down to Rentals, Royalties, and Farm. Click the down arrow to the right.
- Click to the right of Rental Properties and Royalties.
- At the screen Your 2024 rentals and royalties summary, select Add another rental or royalty.
- At the screen What are you here to report, select Rental property. Click Continue.
- Click through the screens to establish the rental property asset.
- At the screen Let's enter the income, select Form 1099-K to report rental income.
- At the screen What expenses and assets did you have, establish the expenses to report against rental income.
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