My parents, brother, and I own a rental property where we each have a 33.33% share. We received one 1099-MISC from our new tenant for 100% of the rent paid and it's reported under my dad's ssn.
In TurboTax, the 1099-MISC is being entered in my dad's filing, so the whole 100% amount is being allocated to him. I know we can overwrite the rent received to his 33.33% portion, but am worried that because the reported 1099-MISC amount doesn't match the rent received on his return, it'll trigger a red flag with IRS.
An accountant friend suggested that we add a supplemental statement for Schedule E stating the 1099-MISC is only 33.33% for my dad, and the other 33.33% is for my brother and I, along with our ssn in the statement. But my understanding is that there's no way to add a statement to the e-file?
Any better solutions available? Thank you!
