Hello,
I have a small property management business and use software online to collect rent and send owner distributions. That payment processor sent me a 1099K for the total rents received through the online platform.
1. TurboTax Business seems to be directing me to enter that as total service receipts (income). Is that the right place to record this number, even though much of that amount was passed right on to the owners via distributions?
2. Where do I record the amounts passed back to owners via distributions? Can I enter that into customer returns since I never really "earned" it?
Thank you for your help!!
