I used vacation club points to book nights at several resorts that were rented to help offset maintenance fees. The two companies that facilitated these rentals used different types of 1099’s to report the income (a 1099-K and a 1099-MISC). While researching how to report this income using TurboTax Premier, I’ve found a range of recommendations. These include: (1) reporting using “1099-MISC and Other Common Income” topic of Wages & Income; (2) reporting using “Rental Properties and Royalties” topic and completing a Schedule E; (3) report using “Less Common Income” topic and reporting either as Miscellaneous Income-Hobby Income or Miscellaneous Income – Income from Renting out Personal Property). While any of these methods might be suitable, is there a reporting method that you recommend using because it both satisfies IRS reporting requirements and is simplest to use?
