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Investors & landlords
NOOO ... 1099-misc box 2 can simply go to the Sch 1 line 8 and avoid the Sch E in this case ... DELETE the 1099-misc entry you made and follow this instead :
- Down the left side of the screen, click Federal.
- In the center of the screen, click Income & expenses.
- On the screen Your income and expenses, scroll all the way down to the last section, Less Common Income.
- Click the Start or Update button for the last topic, Miscellaneous Income, 1099-A, 1099-C.
- On the next screen, Let's Work on Any Miscellaneous Income, scroll down and click the Start or Update button for the last topic, Other reportable income.
- The next screen asks, Did you receive any other taxable income. Click Yes.
- On the next screen, Other Taxable Income, enter a description and the amount. Click Continue.
- On the next screen click Done.
The income will be reported on Schedule 1 line 8 with the description that you entered
March 30, 2022
4:43 AM