It depends. Income is included in the tax year it is actually received so your 2023 return is correct as is, including the prepaid rent.
You have two options for handling the duplicated rent for 2024.
- Enter the total amount of income from the 1099-MISC and take a miscellaneous expense for the duplicated rental income.
- Enter the actual rent received as the total income from the 1099-MISC. Keep notes in your tax file for future reference should you need it.
My advice would be number 2. The property manager should correct the 1099-MISC, however you can make the adjustment yourself as indicated above.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
