1099-K Rental Income Includes 1 Month of Income Reported in Prior Year

[srohra416]

Hi,

This is the first year (2024) I received a 1099-K for my rental property due to the new/changed IRS law.  I noticed the income received in Jan 2024 included 2 months of rental income, so in this case, the box of Jan included Dec 2023 & Jan 2024  income.

I believe this is because the form reflects the date the rental income actually hits my bank account, and sometimes this can be in the first few days of the following month if payment cant be processed over a weekend, etc.

In this case, I already reported Dec 2023 income in my prior year return, so how do I fix it now? Do I just check the box that says amount listed in box 1a is too high? Or is it best just to include the full amount to avoid any inconsistencies since this form is being reported to IRS? Any other solutions which would be better?

[AnnetteB6 · Accepted solution]

Just include the rental income as it was reported to you.  Then add a miscellaneous rental expense to subtract the rental income that was already reported in 2023.  Doing this in the miscellaneous section will allow you to enter your own description for the expense.