instead of reporting it as rental income, you may report it as other income. Here is the procedure.
You will report this in your Turbo Tax return as it is income. Here is the correct way to report it. First
- Log into turbo tax
- Before you take the remaining steps, I suggest you delete the original 1099-Misc you reported as rental income so this procedure will work correctly. once it's deleted then reenter using the following steps.
- Go to federal>wages and income>other common income
- Form 1099-MISC>revisit or start
- Select edit next to the 1099-MISC
- Scroll through the entry and then the program will ask Describe the reason for the 1099-Misc
- As you move through the screen, the program will ask if this is like your main job. If you say yes, it will expect you to fill out a schedule C. For this purpose, say no.
- Next it will ask how often did you receive this income. If this was the first year you received it, indicate so.
- Now it will ask you if you have the intent to earn money. Indicate no.
- if this is done correctly, it will not ask for a Schedule C because this will appear as OTHER INCOME in your return.
[Edited 02/08/2021|11:15 PST]
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