Use a separate schedules for each type payment. Allocate the income to the corresponding Schedule.
The income from the rental of personal items such as camera equipment or tool rental should go directly onto your business schedule. Don't enter it into the 1099-MISC.
To enter the equipment rental income directly on your business schedule follow these steps.
1. Sign into you
TurboTax account.
2. Click Pick
up where I left off (if not already open)
3. Click Federal
Taxes tab
4. Click Wages
& Income sub category.
5. Select I'll
choose what I work on option.
6. Scroll all the
way down to the Miscellaneous Income, 1099-A, 1099-C (under
less common income) and click Start/Update.
7. Click Start/Update
next to Other income not already reported on a Form W-2 or Form 1099 and
follow the online screen prompts to enter your income.
Enter the portion of the Box 1 amount that's from the rental properties on a Schedule E:
Go into your
TurboTax return. Not sure you're in there? Click on the orange Take me
to my return button.
1.
Search for rental expenses and
then click the "Jump to" link in the search result.
2.
Answer Yes to the
question Did you have any rental or royalty income and expenses?
3.
Follow the on-screen instructions as you
proceed through the rental and royalties section.
o We'll
first ask you to enter general information about your rental (description,
address, ownership percentage, etc.)
o Eventually,
you'll come to the Rental Summary screen which is where you
enter your:
·
Rental income
·
Rental expenses
·
Capital assets and depreciation
·
Vehicle expenses
