I want to repeat back to make sure I understand. I am using simple numbers to make it easy.
So your property manager sends you a 1099-Misc for $60,000 (total rents), but he manages three properties for you: Property A rents for $10,000 a year, Property B rents for $20,000 a year, and Property C rents for $30,000 a year.
So what you are saying is that when I enter my information for Property A, I put in the 1099-Misc, but I only enter the amount of $10,000, instead of the full amount on the 1099-Misc of $60,000. Likewise, I enter $20,000 for Property B and $30,000 for Property C.
Then the IRS will see these three different amounts for the same 1099-Misc, and they will figure it out?
Please let me know if this is correct, and if not, let me know where I am wrong. Thank you very much.
