You will set up a Business in TurboTax. Go to Self-Employment or Business in the Wages & Income Section to begin.
Once you have set up your Business, you'll be asked to 'Add Income for this Business'. That's where you enter your 1099-K.
Then you're asked to 'Add Expenses for this Business', where you can deduct what you paid the owner, plus any related expenses, such as mileage, cell phone, internet, home office, etc.
You could record the expense for what you gave the owner as a Miscellaneous Expense (Rent Paid to Property Owner), but 'Income You Gave Back' refers to income you received (from selling something, for example) and had to 'give back' because item was returned, so that wouldn't be appropriate, as you're not returning the income to the person who paid it to you.
Here's more info on Top Tax Write Offs for the Self Employed.
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