Hi,
My tenants use an online rent payment system for their rent payments each month. This online company sent me 1099-K's that do not match the total of the rent + deposits I had for the year. It looks like they have included ACH payments that were returned due to insufficient funds / NSF's.
I have 2 questions:
(1) Should the 1099-K include these ACH payments that my bank never received?
(2) Do I need to enter this 1099-K information in TurboTax Business? Right now I enter my rents under each rental property as a lump sum. Do I need to enter it differently so that the amounts match the 1099-K? If so, what "category" do I use to enter the payments that were returned, so that the net rental income matches my books?
Thanks in advance for any assistance.
