1099-k

[Mdelgrande]

I received a 1099K form from VRBO. We only rented our house 12 days this year. Do I still need to put that information on my tax forms? When I do it, lowers my refund and increases my income

[Vanessa A]

Yes, you will need to enter the 1099-K as the IRS will  be expecting it as part of your income.  However, after you enter the 1099-K, you will just back the income out since you rented the house only 12 days which is under the 14 day rental rule. 

To enter the 1099 K and then back it out immediately take the following steps:

1. Income
2. 1099-K under Other Common Income
3. Enter the information from the 1099-K
4. Check the box that says, This amount in box 1a is too high or includes some personal transactions
5. Enter the amount that shouldn't be included