The simplest solution in this instance is to set up each rental property individually as if "the 1099-K didn't exist".
In
TurboTax, we don’t create a separate entry for your 1099-K info. That's because
your 1099-K income should already be included in other income such as a
1099-MISC
Simply
enter the applicable amount for each property address on your Schedule E.
The
IRS is only concerned with you reporting the rental income. Even if you didn't
receive a 1099-MISC or 1099-K, you would report it on the separate addresses. Because of
the 1099-MISC/1099-K, the IRS will expect to see at least $X amount of rent reported,
and that's what you'll be doing.
You
may want to document the split for future reference and record-keeping and
possibly attach a copy of the lease agreements showing where the 1099-MISC
number came from.
So,
to recap: DON"T enter the 1099-K
Here's
how to get back to your rental:
Go
into your TurboTax return. Not sure you're in there? Click on the orange Take
me to my return button.
1.
Search for rentals and then click the "Jump to" link
in the search result.
2.
Answer Yes to the question Did you have any rental or
royalty income and expenses?
Here's
how to delete your 1099-K:
- To delete a form that came in
the mail (e.g., W-2, 1098, 1099, etc.) it's best to do it from that
form's Summary screen.
- Simply search for the form
number (for example, 1099-MISC) and then click the "Jump
to" link in
the search results to get to the Summary screen.
