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Investors & landlords
My 1099-K is from Zillow and contains the rent PLUS security deposits from multiple properties. According to this thread I should not enter the 1099-K but should instead distribute the 1099-K Gross Amount across the properties as Rent (which should total the same as the 1099-K Gross Amount).
How do I handle the security deposits collected for each property (they are included in the 1099-K Gross Amount)? Do I deduct the security deposit for each property in the Other Expenses section for that property? Since there is no 1099-K entered I cannot click This amount in box 1a is incorrect (which wouldn't really work as the 1099-K is for multiple properties).
March 24, 2024
8:52 AM