BillM223
Expert Alumni

Investors & landlords

You should do what Navtex did above - get an EIN for the house owned by the IRA. That way, the income and deductions for the IRA-owned property will not be mingled and reported as part of the for profit VRBO and Airbnb operations (i.e., not on the same 1099).

 

When you get the EIN, see if you can get the two rental companies to change the 2024 1099 (they probably won't), but you can at least change the reporting going forward.

 

Your issue is that the 1099 will be reported on your tax return, but the amounts from your IRA-owned property should not be reported on your tax return. You will have to

1. Find out how much of what is reported on the 1099 is attributable to your IRA property, and

2. Find a place in TurboTax to back it out.

 

Since I don't know which 1099 it is, and how you are reporting it in your tax return, I can't advise further.

 

You should keep your own full records of the Vrbo and Airbnb operations in the IRA, but the IRS does not want to see this, unless you are subject to an audit (in which case, you will be glad that you kept them).

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