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How do I claim rental property expenses. I received a 1099-NEC for rent payments.
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February 10, 2021
2:13 PM
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Investors & landlords
Who ever issued you the form should have sent you a Form 1099-Misc with rent in Box 1. 1099-NEC is for nonemployee compensation.
After you set up the rental and include the income, you will be asked about expenses.
To enter your rental:
- In TurboTax, search for rentals and select the Jump to link at the top of the search results.
- Answer Yes to the question Did you have any rental or royalty income and expenses in 2020 for property you own?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
- Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
February 10, 2021
2:36 PM
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Investors & landlords
I also got a 1099-NEC for rental income. Do I need them to reissue it as a 1099_MISC or what?
April 12, 2021
2:00 PM
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Investors & landlords
@DLS247 Yes, they need to issue a corrected form NEC showing zero income and issue a 1099-MISC showing the rent.
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April 12, 2021
2:25 PM